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It is Tax Season 2025…

Here is a list of what you may need to gather to file:

W2s

Remember to wait for all your W2s from all jobs you held in 2024.  You will get a W2 even if you only worked for a couple of Weeks or even days.  Wait for all W2s

1099-G Unemployment Compensation

If you were unemployed in 2024 and collected unemployment compensation you need to get Form 1099-G.  you can log into your unemployment account and grab it from there.  Remember, even if you only received a couple of checks you need to report it.

1099-R

If you took money out of your retirement account in 2024 such as a 401-K, 403-B, IRA, etc., you need to wait for the 1099-R and report it on your taxes.  Keep in mind that if you only took a loan out of it, you do not need to report it because you are paying it back to the plan.  

Form 5498

If you own an Individual retirement Account and made contributions to it, you need form 5498.  It could be a Traditional IRA or a Roth IRA and this is something you are doing on your own without an employer involved.  It is a private account with a private institution.  If you are only contributing to a retirement account by means of Employer deductions, you do not have to wait for a tax form.  Your W2 will show your retirement contributions. This is important not only because you may reduced your taxable income but you could also if qualified get a tax credit when you file.

1098-T  College Payments.

if you or any of your dependents went to college or university in 2024, you may need to gather Form 1098-T.  If you paid out of pockets or with student loans for Tuition, you will get this document.  If you received financial aide but still had to pay out of pockets or paid with loans for the difference, you will get the 1098-T.  If you have the 1098-T, you need to bring it together with school unofficial transcript or evidence of classes taken in 2024.   You may also qualify for school books and school materials and supplies, bring receipts.

1098-E Student Loans Interest paid

If you are paying back your student loans, then you will get form 1098-E reporting the interest paid in 2024.  Remember only the interest paid may be deductible and not the principal you paid.  You can log into your account and get it online.

1098 Home Mortgage Interest Paid

If you own your main home or you own a Rental Property, you need form 1098.  This document will report the interest paid in 2024 and and many cases it will also include your Property Taxes, Homeowners Insurance paid, and other misc. tax information.  Grab it from your online account.  If you paid your Property taxes directly to the State, then gather all payment you made and bring us the total.

1099-B Broker Transactions 

if you are investing on stocks, Bonds, Bitcoin, or any digital Assets, you need to report all most transactions.  if you sold, transferred, or even exchanged digital assets you need to report it.  if you only bought and sold stocks, make sure to get Form 1099-B because this document in most cases will show Cost and Basis to calculate gain or loss.  Here is a list of the companies you may have an account with:

• Fidelity Investments
• Robinhood Securities- Robinhood Crypto-Bitcoin
• Apex Clearing
• Charles Schwab
• Vanguard
• Acorn
• Coinbase
• Merryl Lynch 
• Chase Investments
• Etc. any other company you use to buy and sell stocks or digital asset make sure to gather all relevant information.

1099-Misc Or 1099-NEC or 1099-K

If you work as an independent Contractor or you are receiving commissions payments or referral fees, or collecting rent from State Government, you will either received a 1099-Misc or a 1099-NEC.  You need to make sure you get these documents before filing.  You may be driving Uber or Lyft, or you are working as a delivery driver such as Door Dash, Instacart, Amazon Flex, Amazon Independent Contractor, etc. You may also be receiving payments by the use of credit cards or third party payments, you will get a 1099-K.  Also if you are doing Airbnb and you are renting a home, a room, a cottage, you need to report the income and could get a 1099 as well.

SSA-1099

If you are receiving Social Security Benefits and still filing a Tax Return because you have other taxable income. make sure to get your SSA-1099 from the Social Security Administration.

1099-C Cancelled Debt

if you had a debt cancelled, you have to report the forgiven amount as income when you file.  You will receive a 1099-C.  Lets us say you owed a bank or credit card $10,000 and you could not pay your debt.  The bank agrees to settle with you and you only pay $2,000.  The $8,000 difference which was forgiven to you, you have to report it as income and pay tax on it.  

1099-SA

If you hold an HSA account and either made contributions or distributions, you need to get form 1099-SA.  HSA stands for Health Savings Account. also if you have other health insurance products such as Archer MSA.   

1099-S Sale of a Home

If you sold a home, you should get a 1099-S, reporting the proceeds from the sale of the property.  Talk to your Realtor or Attorney. 

Form K-1

If you are the owner, shareholder, or a Partner in an S-Corporation or Partnership, you may have to get your Form K-1 from the business.  This form reports your share of profits or loss from the business.

There are hundreds of other documents that may apply to different taxpayers for so many different circumstances.  Give yourself time to receive all relevant documents and keep an eye open for documents you surely know you have to receive.  

Other notes to help you better prepare for tax season 2025.

• For Direct Deposits and Direct payments to IRS or state have your Bank name, bank Routing and Account Number.
• For Child Care Credits have the name, address, social security or ein number of the person or center providing services and the amount paid in 2024.
• For your dependents children gather proof of address such as school letters, Medical records, Health insurance, Government benefits, etc.
• If you are Self Employed or owner of a Incorporated Entity, gather all relevant information for your occupations. Income and Expenses receipts are critical.  Gather receipts, invoices, contracts, etc. 
• If you own a Rental Property, make sure to gather all relevant information such as repairs, utilities, insurance, legal fees, management fees and HOAs, travel expenses, supplies, contractors Charges, Property Taxes, Interest paid on the property, cleaning and maintenance fees, if you purchased new appliances gather receipts for those, cell phone charges, etc.
• Donations made to Churches or qualified entities. Gather amount donated, dates, who received the donations, in some cases their EIN number in the case of salvation Army or Good Will donations for clothing, furniture, art, etc.
• If you made any Energy Efficient Repairs or Improvement on your Home, you can get a Tax Credit. Gather all relevant information on Solar Panels, Insulation Work, Central AC Installation, or anything that may be Energy Efficient, you may get a tax credit.  
• If you purchased an Electric Vehicle, there a a Tax Credit. Talk yo your dealer and find out if your car qualifies. Not all electric Vehicles Qualify.  Even if you buy  electric Charges for your Electric Vehicle, There is a tax credit for that as well.  Sometimes you may get the credit even if the electric car was used when purchased.

This website exists to provide clients and potential clients with information concerning our firm and our unique, low-pressure approach to personal and professional services. We have an excellent client-retention rate, and we are extremely proud of the high-quality services that our firm provides.

Please, feel free to browse our website to see the services we offer as well as the many helpful resources we provide. When you are ready to learn more about what we can do for you, we encourage you to contact us.

Alexander Moran, EA

Accountant.