Key Highlights:
What You Need to Know for the 2025 Tax Season
Before diving into specific documents and deductions, let's cover some key information about the 2025 tax season. The filing deadline for most taxpayers is April 15, 2026, unless you file for an extension, which gives you until October 15, 2026. However, gathering your documents early can help you avoid last-minute stress and ensure you don't miss any potential deductions or credits.
"A good place to start when gathering all your required documents for the year is to grab last year's tax return. Check for the types of income that were included on that return, as well as any forms and worksheets that calculated deduction or credit carry forwards."
Individual Taxpayer ‘Checklist’
Use this comprehensive checklist to ensure you have all the necessary documents and information before filing your individual tax return. Gathering these items ahead of time will streamline the filing process and help you identify all potential deductions and credits.
Organizing your tax documents can save time and reduce stress
Personal Information
Social Security numbers or Tax ID numbers for you, your spouse, and all dependents
Dates of birth for you, your spouse, and all dependents
Bank account and routing numbers (for direct deposit of refund or payment)
Last year's tax return (for reference)
Identity Protection PIN (IP PIN) if issued by the IRS
Driver's license information (for additional security when e-filing)
Income Documentation
W-2 forms from all employers you worked for during the year
1099 forms reporting other income:
1099-NEC (for contract or freelance work)
1099-MISC (for miscellaneous income)
1099-K (for payments through third-party networks like PayPal or Venmo)
1099-INT (for interest income)
1099-DIV (for dividend income)
1099-B (for investment sales)
1099-R (for distributions from retirement accounts)
1099-G (for unemployment benefits or state tax refunds)
SSA-1099 (for Social Security benefits)
Schedule K-1 forms (for income from partnerships, S corporations, or trusts)
Alimony received (for agreements finalized before 2019)
Records of digital asset transactions (cryptocurrency)
Rental property income documentation
Records of any other income (jury duty, gambling winnings, prizes, etc.)
Deductions and Credits Documentation
Education Expenses
1098-T forms (tuition statements)
Records of education expenses not shown on 1098-T
1098-E forms (student loan interest)
529 plan contribution and withdrawal records
Healthcare Expenses
Medical and dental expense receipts
Health insurance premium payments
1095-A forms (Health Insurance Marketplace Statement)
HSA or MSA contribution and distribution records
Charitable Contributions
Receipts for cash donations
Documentation for non-cash donations
Records of volunteer mileage
Acknowledgment letters for donations over $250
Homeowner Expenses
1098 forms (mortgage interest)
Property tax payment records
Records of energy-efficient home improvements
Home office expenses (if self-employed)
Retirement and Investments
IRA contribution records
401(k) or other retirement plan contribution records
Records of conversion to Roth IRA
Investment expense records
Other Deductions and Credits
Child and dependent care expense records
Adoption expense records
Records of state and local taxes paid
Sales tax records for major purchases
Estimated tax payment records
New for 2025: Electronic Payment Requirements
The IRS is moving toward electronic payments for all tax transactions. While paper checks are still accepted for 2025 returns, setting up direct deposit for refunds and electronic payment methods for any taxes due will speed up processing.
Business Owner Tax ‘Checklist’
Business owners face additional tax considerations. Use this checklist to ensure you have all the necessary information and documentation to file your business taxes accurately and maximize your eligible deductions.
Business Information
Employer Identification Number (EIN)
Business entity information (sole proprietorship, LLC, S-Corp, etc.)
Industry code (NAICS)
Accounting method (cash or accrual)
Previous year's business tax return
Business bank account and routing numbers
Income Documentation
Gross receipts from sales or services
Sales records and invoices
1099-NEC forms received for services provided
1099-K forms for payment card and third-party network transactions
Asset sales records
Rental income records
Interest and dividend income
Business Expenses
Operating Expenses
Office rent or lease payments
Utilities (electricity, water, internet, phone)
Office supplies and equipment
Software subscriptions
Professional services (legal, accounting)
Business insurance premiums
Employee Expenses
Payroll records and W-2 forms issued
1099 forms issued to contractors
Employee benefits (health insurance, retirement)
Payroll taxes paid
Workers' compensation insurance
Employee training and education costs
For more information on payroll:
Travel & Vehicle Expenses
Business travel receipts (airfare, hotels, etc.)
Meal receipts (50% deductible in most cases)
Vehicle mileage log for business use
Vehicle expenses (if using actual expense method)
Parking fees and tolls
Public transportation costs
For more information on Travel Expenses:
Home Office Deduction
Square footage of home and office space
Mortgage interest or rent payments
Utility bills
Home insurance costs
Repair and maintenance records
Property tax records
For more information on Home-Office deductions:
Asset Purchases & Depreciation
Records of business equipment purchases
Real estate acquisition documents
Vehicle purchase agreements
Improvement costs for business property
Prior year depreciation schedules
Section 179 expense records
For more information on 2025 Depreciation:
Other Business Deductions
Advertising and marketing expenses
Business loan interest payments
Professional development costs
Business tax payments
Charitable contributions made by the business
Membership dues for professional organizations
Tax Credits for Businesses
Research and Development (R&D) Tax Credit documentation
Work Opportunity Tax Credit (WOTC) records
Small Business Health Insurance Credit information
Disabled Access Credit documentation
Family and Medical Leave Credit records
Energy-efficient commercial building deduction documentation
Estimated Tax Payments
Records of quarterly estimated tax payments made
Dates and amounts of each payment
Payment confirmation numbers
Prior year overpayment applied to current year
For more information on Estimated Tax Payments:
Frequently Asked Questions
What if I can't file my taxes by the April 15 deadline?
You can request an automatic six-month extension by filing Form 4868, which gives you until October 15, 2026, to file your return. However, this is only an extension to file, not an extension to pay. If you expect to owe taxes, you should estimate and pay the amount due by April 15 to avoid penalties and interest.
How long should I keep my tax records?
The IRS recommends keeping tax returns and supporting documents for at least three years from the date you filed the return. However, some situations require longer retention periods. For property records, keep documentation until at least three years after you sell or dispose of the property. For business owners, employment tax records should be kept for at least four years.
What's the fastest way to get my tax refund?
E-filing your return and choosing direct deposit is the fastest way to receive your refund. The IRS issues most refunds within 21 days of accepting e-filed returns. You can check the status of your refund using the "Where's My Refund?" tool on the IRS website or mobile app.
Fact-based news without bias awaits. Make 1440 your choice today.
Overwhelmed by biased news? Cut through the clutter and get straight facts with your daily 1440 digest. From politics to sports, join millions who start their day informed.
Get all your Tax Questions answered!
Questions? Opinions? Concerns? Advice? Guidance? Business or Personal. Get Tax Support contact: [email protected]
Upgrade NOW