Individual Tax Return (1040) Preparation Guide
Individual Tax Return (1040)
As of Monday, January 27, 2025, tax season has started. The IRS is now accepting tax returns for 2024. Your Trusted Advisors want to set you up for success. Below is a quick guide for what to prepare for your meeting with your advisor, and important questions to consider for this filing year and next.
Important Documents Needed for Filing
You may be asking yourself, “What forms do I need to file my taxes?” A complete list of required documents for the 1040 individual tax return is available on the IRS website. However, here are some of the most common forms of documentation for your return:
- Income Documents: Form W-2s, Form 1099s, including brokerage statements and investments.
- Deduction Support: Property tax bills, charitable donation receipts, mortgage interest statements, etc.
- Filing Status Change: If your filing status has changed due to marriage, divorce, or other circumstances, or if you have new dependents, be sure to provide the necessary documentation, such as marriage certificate, divorce decree, or birth/adoption records.
Helpful Questions to Ask Your Tax Advisor
After you collect your tax documents, give them to your tax professional. This will help make sure your return is ready before the deadline. Once completed, schedule a meeting with your advisor. As the 2024 filing season concludes and planning for 2025 begins, consider asking these key questions to optimize your tax strategy:
- How does my filing status impact my tax liability?
- Were there any new tax law changes that may impact me this year and next?
- How should I manage taxes if I have multiple income sources, such as freelance work, side gigs, or rental income?
- If this applies to you, be sure to include documentation from any side jobs, gigs, or self-employment. This can include bank statements, records from payment apps such as Venmo or Zelle, or statements from card readers or online marketplaces.
- What deductions and credits am I eligible for that I might be overlooking?
- How can I maximize deductions for medical expenses and/or charitable contributions?
- Would a Roth conversion be beneficial?
- What steps can I take now to lower my tax liability for next year?
- Should I adjust my tax withholding or estimated payments for 2025?
- How can I better organize my tax records for next year?
- Should I consider estate planning strategies to minimize future tax burdens?
With 40 years of tax preparation services under our belt, we are here to help. We will work with you to understand your individual tax needs and our Wealth Management advisors can assist you in maximizing your returns and planning your financial future.
Tax Return Timeline
Most refunds are issued within 21 business days of your tax return being filed. You can check the status of your return with the Where’s My Refund? tool through the IRS.
Individual Tax Return (1040) Preparation Guide
Individual Tax Return (1040)
As of Monday, January 27, 2025, tax season has started. The IRS is now accepting tax returns for 2024. Your Trusted Advisors want to set you up for success. Below is a quick guide for what to prepare for your meeting with your advisor, and important questions to consider for this filing year and next.
Important Documents Needed for Filing
You may be asking yourself, “What forms do I need to file my taxes?” A complete list of required documents for the 1040 individual tax return is available on the IRS website. However, here are some of the most common forms of documentation for your return:
- Income Documents: Form W-2s, Form 1099s, including brokerage statements and investments.
- Deduction Support: Property tax bills, charitable donation receipts, mortgage interest statements, etc.
- Filing Status Change: If your filing status has changed due to marriage, divorce, or other circumstances, or if you have new dependents, be sure to provide the necessary documentation, such as marriage certificate, divorce decree, or birth/adoption records.
Helpful Questions to Ask Your Tax Advisor
After you collect your tax documents, give them to your tax professional. This will help make sure your return is ready before the deadline. Once completed, schedule a meeting with your advisor. As the 2024 filing season concludes and planning for 2025 begins, consider asking these key questions to optimize your tax strategy:
- How does my filing status impact my tax liability?
- Were there any new tax law changes that may impact me this year and next?
- How should I manage taxes if I have multiple income sources, such as freelance work, side gigs, or rental income?
- If this applies to you, be sure to include documentation from any side jobs, gigs, or self-employment. This can include bank statements, records from payment apps such as Venmo or Zelle, or statements from card readers or online marketplaces.
- What deductions and credits am I eligible for that I might be overlooking?
- How can I maximize deductions for medical expenses and/or charitable contributions?
- Would a Roth conversion be beneficial?
- What steps can I take now to lower my tax liability for next year?
- Should I adjust my tax withholding or estimated payments for 2025?
- How can I better organize my tax records for next year?
- Should I consider estate planning strategies to minimize future tax burdens?
With 40 years of tax preparation services under our belt, we are here to help. We will work with you to understand your individual tax needs and our Wealth Management advisors can assist you in maximizing your returns and planning your financial future.
Tax Return Timeline
Most refunds are issued within 21 business days of your tax return being filed. You can check the status of your return with the Where’s My Refund? tool through the IRS.
Individual Tax Return (1040) Preparation Guide
Individual Tax Return (1040)
As of Monday, January 27, 2025, tax season has started. The IRS is now accepting tax returns for 2024. Your Trusted Advisors want to set you up for success. Below is a quick guide for what to prepare for your meeting with your advisor, and important questions to consider for this filing year and next.
Important Documents Needed for Filing
You may be asking yourself, “What forms do I need to file my taxes?” A complete list of required documents for the 1040 individual tax return is available on the IRS website. However, here are some of the most common forms of documentation for your return:
- Income Documents: Form W-2s, Form 1099s, including brokerage statements and investments.
- Deduction Support: Property tax bills, charitable donation receipts, mortgage interest statements, etc.
- Filing Status Change: If your filing status has changed due to marriage, divorce, or other circumstances, or if you have new dependents, be sure to provide the necessary documentation, such as marriage certificate, divorce decree, or birth/adoption records.
Helpful Questions to Ask Your Tax Advisor
After you collect your tax documents, give them to your tax professional. This will help make sure your return is ready before the deadline. Once completed, schedule a meeting with your advisor. As the 2024 filing season concludes and planning for 2025 begins, consider asking these key questions to optimize your tax strategy:
- How does my filing status impact my tax liability?
- Were there any new tax law changes that may impact me this year and next?
- How should I manage taxes if I have multiple income sources, such as freelance work, side gigs, or rental income?
- If this applies to you, be sure to include documentation from any side jobs, gigs, or self-employment. This can include bank statements, records from payment apps such as Venmo or Zelle, or statements from card readers or online marketplaces.
- What deductions and credits am I eligible for that I might be overlooking?
- How can I maximize deductions for medical expenses and/or charitable contributions?
- Would a Roth conversion be beneficial?
- What steps can I take now to lower my tax liability for next year?
- Should I adjust my tax withholding or estimated payments for 2025?
- How can I better organize my tax records for next year?
- Should I consider estate planning strategies to minimize future tax burdens?
With 40 years of tax preparation services under our belt, we are here to help. We will work with you to understand your individual tax needs and our Wealth Management advisors can assist you in maximizing your returns and planning your financial future.
Tax Return Timeline
Most refunds are issued within 21 business days of your tax return being filed. You can check the status of your return with the Where’s My Refund? tool through the IRS.