Essential Tax Documents for Individuals and Businesses
As tax season begins, now is the time to gather everything you need to ensure an accurate and stress-free filing process. Whether you’re filing as an individual or for your business, staying organized is key to avoiding delays and maximizing your return.
Documents Individuals Need for Filing Taxes in Tax Season 2025
To file your taxes accurately and receive the maximum refund you’re entitled to, make sure to look out for these essential documents:
W-2 Forms: Provided by your employer, summarizing your earnings and taxes withheld.
1099 Forms: For freelance or contract work, dividends, interest, or other income sources.
Form 1098: For mortgage interest payments that may be tax-deductible.
Student Loan Interest Statements (Form 1098-E): If you’ve paid student loan interest.
Educational Expense Statements (Form 1098-T): If you or your dependents are in college.
Receipts for Charitable Contributions: To claim deductions for donations.
Health Insurance Forms (1095-A, 1095-B, or 1095-C): Proof of health insurance coverage.
Childcare and Dependent Care Expenses: For claiming tax credits.
Investment and Retirement Income Statements: For capital gains, dividends, and IRA contributions.
Documents Businesses Need for Filing Taxes
Businesses must keep a detailed record of their financial activities throughout the year. Here are the critical documents you’ll need to file:
Year-End Financial Statements: Income statement, balance sheet, and cash flow statement.
Profit and Loss Report: A detailed view of your revenue and expenses.
Payroll Reports: Employee wages, tax withholdings, and benefits.
1099 Forms Issued to Contractors: If you paid contractors $600 or more.
Expense Receipts and Invoices: For deductible expenses like office supplies, travel, and meals.
Inventory Records: If applicable, to calculate cost of goods sold.
Mileage Logs: For business-related vehicle use.
Business Loan Statements: To track interest payments and balances.
Important Tax Deadlines to Remember
Don’t miss these key dates to stay compliant and avoid penalties:
January 31, 2025: Deadline to send W-2s and 1099s to employees and contractors.
April 15, 2025: Deadline to file individual tax returns (Form 1040).
March 17, 2025: Deadline to file corporate tax returns (Form 1120) for calendar year corporations.
October 15, 2025: Extended deadline for individual and corporate tax returns.
Pro Tip for Businesses: Complete Your Year-End Checklist
Before filing, businesses should finalize their year-end processes, including:
Reconciliation of Accounts: Ensure all bank and credit card accounts are reconciled.
Review of Transactions: Verify accuracy in categorizing income and expenses.
Inventory Count: Conduct a physical inventory check, if applicable.
Depreciation Schedules: Update depreciation for fixed assets.
Tax Planning with Your CFO: Consult your financial advisor or outsourced CFO for tax strategies.
Let CFO & Associates Handle the Heavy Lifting
With tax season underway, don’t let financial stress hold you back. At CFO & Associates, we specialize in accurate, technology-driven solutions to ensure your individual or business taxes are filed seamlessly.
Schedule a consultation today and let us make tax season hassle-free!
or call (470) 945-1198
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