Tax Season Final Push: An Essential Checklist for Accurate Filing

As the deadline for filing income tax approaches, it’s crucial to have all the necessary information and documents at your fingertips. The final push requires organization, preparation, and a helpful checklist to streamline the process and make it straightforward.

Tax filing checklist

• Gather personal information: Have your Social Security number and those of family members ready.
• Income information: This includes W-2 forms from all employers, and if you’re self-employed, copies of income and expenses, business-use assets, office square footage, and home size.
• Previous year’s tax returns: Having copies of last year’s federal and state tax returns can facilitate this year’s process.
• Bank account info: To receive a tax refund directly into a bank account, have your bank account and routing numbers accessible.

Significant Big Beautiful Bill updates

The passage of the federal One Big Beautiful Bill in 2025 dramatically affects business and personal income taxes, as well as payroll W-2 reporting for 2025. While many deductions and credits remain the same, the following are notable changes that may impact those with the following situations:

Tips and overtime income

If you have W2 tip income or overtime income, there should be data in W2 Box 14 or a supplemental notice from the employer regarding qualifying amounts related to these 2 specific items:

Tips

Tips deduction of up to $25,000 per taxpayer with phaseout for Modified Adjusted Gross Income (MAGI) over $150,000 (over $300,000 for Married Filing Jointly).

Working overtime

Overtime deduction of up to $12,500 per taxpayer with phaseout for MAGI over $150,000 (over $300,000 for Married Filing Jointly).

Social Security recipients

There is an additional $6,000 per-person senior Social Security deduction for 2025 – 2028 for those age 65 and older, with a phaseout for MAGI over $75,000 (over $150,000 for Married Filing Jointly). For those receiving Social Security, this is a favorable change that may help reduce income taxes.

Child Tax Credit

The child tax credit increases to $ 2,200 for dependents under age 17. Over 17 remains at $500.

529 plans

529 plan tax considerations have been modified; reach out to a financial or tax professional for clarification.

State and Local Tax (SALT)

The Schedule A SALT cap deduction increases to $40K – the combined property tax and state income taxes that can apply toward itemized deductions. There may be other miscellaneous deductions includable depending on your situation.

New vehicle deduction

A qualifying new vehicle deduction of $10,000 for interest paid on a loan for a new vehicle assembled in the United States and purchased in 2025 may apply. The bill of sale will be required, along with documentation of the interest paid.

Cryptocurrency/digital assets

Investors must report selling or using digital assets to pay for a transaction. These asset sales have always been taxable; however, they are included in the 2025 tax filing form.

Home Energy Efficiency

Energy-efficiency home improvement credits expire in 2025. If a new furnace, A/C, boiler, heat pump, water heater, woodstove, windows, doors, insulation, solar, or battery storage was installed, provide a copy of the invoice for filing purposes.

Additional required forms for filing

Below are some additional documents that may be needed to file 2025 income taxes, depending on one’s situation:

• 1099-Int for interest
• 1099-DIV for dividends
• 1099-B Brokerage
• SSA-1099 Social Security
• 1099-NEC for income
• 1099-Misc for income
• 1099-K for income
• 1099-R for retirement income
• 1099-G for refunds & unemployment
• 1099-Int for mortgages
• 1098-T for tuition
• 1099-SA for HSAs
• K-1 forms from investments in S corporations or partnerships
• Form 5498 for IRA values
• Form 1098-VLI for new car loan interest
• Form 1099-DA for digital assets
• IRA and Roth IRA contributions for 2025
• Childcare costs, and the name, address, amount, and Tax ID # of the recipient
• Charitable donations: total amounts and recipients
• Property tax paid on primary residence
• Estimated tax payments and dates
• Any letters received from the IRS or state tax authorities

Last-minute tips

It’s ideal to avoid last-minute tax filing, but sometimes it’s unavoidable. Here are some last-minute tips for a smoother filing experience:

• Verify all information: Before submitting, verify personally identifiable information, such as names, Social Security numbers, and addresses.
• Review deductions and credits: Review all tax deductions and credits you’re entitled to; missing out on these can result in paying more tax than necessary.
• E-File: Electronic filing is faster, more secure, and often more accurate than paper filing.
• Double-check direct deposit information: To avoid delays with a tax refund, double-check the bank’s routing number and account number.
• File even if unable to pay: Failing to file on time will result in a late-filing penalty. Even if you can’t pay your tax bill, it’s critical to file a tax return or, at the very least, apply for an extension.

Meeting the deadline

Meeting the tax filing deadline can help avoid unnecessary penalties and interest charges. Here are some tips to work toward meeting this deadline:

• Start early: The earlier you begin, the less pressure you feel as the deadline approaches.
• Stay organized: Knowing where everything is can save you significant time. Keep all your tax-related documents in one place.
• Utilize software or a tax professional: If you’re struggling to file your taxes, consider using tax software or hiring a professional. These methods aim to produce an accurate tax return, claiming all the deductions and credits you’re eligible for.

The final push before the tax season isn’t always easy. But with this checklist, last-minute tips, and a focus on the April 15th deadline, you can navigate the process smoothly, maximize a return, or minimize a tax payment. Remember, meticulous preparation is the key to conquering tax season stress-free.

SWG 5176959-0126c This guide is designed to provide general information on the subjects covered.  Pursuant to IRS Circular 230, it is not intended to provide specific legal or tax advice and cannot be used to avoid penalties or to promote, market, or recommend any tax plan or arrangement.  You are encouraged to consult your personal tax advisor or attorney. This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives. The source(s) used to prepare this material is/are believed to be true, accurate and reliable, but is/are not guaranteed.