The Ultimate Checklist for Filing Your Taxes in 2025

Filing your taxes doesn’t have to be overwhelming. With a clear checklist, you can ensure you have everything you need before tax season arrives. Whether you’re an individual taxpayer or a small business owner, use this ultimate guide to stay organized and stress-free.

Step 1: Gather Personal Information

• For Individuals:

• Social Security numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN) for you, your spouse, and dependents.

• Bank account information for direct deposit (routing and account numbers).

• For Small Businesses:

• Employer Identification Number (EIN).

• Business registration details.

Step 2: Collect Income Documents

• W-2 Forms: Provided by your employer(s) to report wages.

• 1099 Forms: For freelance, gig, or contract income (e.g., 1099-NEC, 1099-K for digital payments).

• Investment Income Documents:

• 1099-DIV for dividends.

• 1099-INT for interest earned.

• 1099-B for stock and mutual fund sales.

• Other Income Forms: Include alimony, gambling winnings, or unemployment benefits.

Step 3: Organize Deductions and Credits

• For Individuals:

• Medical and dental expenses.

• Mortgage interest statements (Form 1098).

• Charitable contributions (receipts for cash and non-cash donations).

• Education expenses (e.g., Form 1098-T for tuition and fees).

• For Small Businesses:

• Business expenses (receipts for office supplies, travel, and advertising).

• Home office deduction (square footage and utility bills).

• Vehicle expenses (mileage log or car-related receipts).

Step 4: Review Last Year’s Tax Return

Keep a copy of your 2024 tax return handy for reference. It can:

• Help you carry forward unused credits or deductions.

• Ensure consistency with reporting personal and business information.

Step 5: Note Estimated Tax Payments

• If you’re self-employed or a small business owner, ensure you have records of quarterly estimated payments made in 2024. Missing these could lead to penalties.

Step 6: Keep Proof of Identity

• IRS now requires proof of identity for certain filings. A government-issued ID or last year’s Adjusted Gross Income (AGI) will suffice for e-filing.

Step 7: Prepare for State Taxes

• Don’t forget state income tax filing! Gather forms and documentation specific to your state, including property tax statements.

Step 8: Use Tax Software or Hire a Professional

• For Do-It-Yourself Filers:

Choose trusted tax software that supports individual and business returns.

• For Professional Help:

Consult iMinds Financial to ensure a thorough and accurate tax filing.

Step 9: Set Aside Time for Filing

• The earlier you prepare, the less stressful tax season will be. Filing early can also prevent identity theft by fraudulent tax filings.

Bonus Tip: Keep Digital Copies of Everything

• Scan all physical documents and store them securely on your computer or cloud storage. This will simplify future filings and protect against lost paperwork.

Why This Checklist Matters

• Using this checklist helps ensure nothing is overlooked. At iMinds Financial, we’re here to guide you through every step, whether you’re an individual filer or a small business owner. Contact us today to make tax season hassle-free.