Checklist For Tax Return: Everything you need to know

January 4, 2023    admin

Guidance plays a very important role for anyone which leads them to success and for the same reason we are here. Taxation involves a lot of processes that should be strictly followed. To guide you in the procedure there is always a tax accountant who can help you through it. To know more about the tax return you can go through our mentioned checklist for tax returns. These details will help you to be organized much earlier.

The most important source of revenue in the tax system is income tax, which is allowed by these three components:

  • Personal income
  • Business profits
  • Monetary gains

All forms of income that are taxable, are applied to a person’s income. The earnings include your job, income from a business, and returns from investments. When a house or a piece of share is bought and sold, income tax can also apply to those assets.

Every taxpayer with more than one job or another taxable income source should know the trash-free threshold checklist for tax returns.

It is tough to manage the extra workload during the tax filing season. Also, there can be several meetings with your clients, and they might not be available at times to provide you with the necessary documents.

Additionally, all the tax firms collaborate with the outsourced company for CPA tax preparation due to the continued pressure of the deadlines and piles of paperwork.

Also, the checklist you need to prepare for a successful tax day makes the tax firms organize tax filing more smoothly. The list will help your clients understand what they need to bring in or send for their tax filings.

This is so that you can start collecting all the necessary documents and make them ready for tax day before the deadline.

What Documents Do I Need to File My Taxes With?

The usual question that comes to everyone’s mind before filing the tax is, what documents do I need to file taxes, and what papers do I need to file taxes?

Here are the requirements that will be different for everybody as everyone has different types of property and business. To provide all the detailed checklists to your client, you need categories that will help them to understand.

1. Information about yourself 

Obtaining your client’s information needed for the tax return about personal identification correctly on a tax return is compulsory. This is because each year, the IRS rejects tax returns that do not resemble the data.

More than 4.7 million taxpayers acquired IRS notices as they failed to submit resembling tax data. Hence to guide you in resolving this, you can request your clients to present the following personal documents. The documents you submit will tell the IRS and state taxing authority who is filing a return, how to get in touch with you, and where to offer your tax refund.

  • Your name in the same way as it arises on your Social Security card
  • Date of born
  • Social Security number
  • Residence address
  • Identification proof
  • Document of last year’s national and state tax returns
  • Bank account number and routing number to obtain your repayment by direct deposit

2. Information about the business

When it comes to maintaining and running a company and filing annual taxes together it can become even more difficult. Hence company owners must submit additional documents to start with the tax filing procedure. Therefore when filing taxes for a company, request the owners of the company to carry or send the following documents.

  • Last year’s business tax return
  • EIN (Employee Identification Number), if applicable
  • Partnership agreements, if relevant
  • Alter in ownership data, if applicable
  • Bank account details of the company

3. Income information

It is essential to assist your client to learn that they must be cautious while preparing income tax documents. All accounts they collected throughout the year should be included in the income information.

To verify that the amounts are declared correctly in your client’s accounts, you must also request them to check the tax data. Let them correct any mistakes in calculations as soon as possible.

Mentioned below is a list of income tax documents required

Which you must request from your clients.

W-2 forms from the organization

IRS 1099 forms that include:

  • Form 1099-NEC (non-employee payment)
  • Form 1099-G (unemployment assistance)
  • Form 1099-INT (interest earnings documents)
  • Form 1099-DIV (dividend earnings documents)
  • Form 1099-R (superannuation earnings)
  • IRS Schedule K-1 (Form 1065) for partnership income
  • Income from rented properties

4. Deductions for taxes

It is essential to let your clients know that tax deductions can tremendously reduce their tax obligations. As a result, your clients must set a schedule to keep track of as many essential expenditures.

Here are some expenses they can have for tax deductions comprise:

  • Medical expenditures receipts
  • Principal possession papers of property that comprise Form 1098 (Mortgage Interest Record), property tax documents, and costs associated with energy-saving enhancements
  • Invoice for expenditures associated with work-related meetings and conferences. The expenses comprise the journey, accommodation, meals, and ticket prices.
  • Invoice for tools and employment supplies expenses
  • Invoice of child care expenditures
  • Proof of expenses paid for union and professional association memberships
  • Invoice of Charitable contribution
  • Costs for any rented property.
  • To complete the previous year’s tax return, appoint a tax return accountant or tax agent for the Cost associated with hiring.

5. Financial statements

You have to request your client to present you with their company’s financial records If your client is maintaining a company. Hence, you can demand them to produce the following documents.

  • Company’s Profit and loss statement
  • Company’s balance sheet

You want to speed up the process of tax filing. You just request your client to use the automatic accounting software. So that they can produce the automatic financial report.

However, before submitting these automatic financial reports, confirm that you entirely analyze them. Further, if you have any queries, you must raise a question to your clients rather than trying to avoid IRS rejection.

6. Documents related to the business

The financial records of the company are not satisfactory for fulfilling your client’s tax returns of the company. You have to be sure that you help them in getting all the deductions that are permitted. Hence you must request your clients to present some more business records that contain

  • Documents for Vehicle use: If your client operates their car for business purposes, instruct them to keep a journal and request them to give you a current distance chart summarising their route.
  • Knowledge about the Home office: If your client employs their business from their residence, request them to send their home office details, which include the proportions of their residence office, monthly rental amounts, and electricity usage.
  • Investment receipts for an asset: request your client to give an investment receipt If they have obtained any capital assets during the current financial year.

This is the list of information that is required to be able to complete your tax return successfully. In some cases, you need more from this and in some less than the above mentioned. It depends on the matter of the individual and requires a careful understanding of tax.

The Most Ordinary Mistake in Income Tax Returns

Here are some common errors which we can make while filing an income tax return. So make sure that these mistakes should not take place while filing the return.

  • Overlooking the interest income
  • Inaccurate or Omitted Dividend Imputation Credits
  • Capital Gains/Losses are Inaccurate or Omitted
  • Understating the Income
  • Expenses of the home office
  • Depreciation on the Rented Property Fixtures and Fittings
  • Depreciation on the Income-Producing Buildings
  • Costs associated with the negative gearing for borrowing anything.


Everybody wants to make their tax return experience simple and with the least hassle. And they also want to ensure that they get the maximum repayment.

When you prepare your client, when can you file taxes? It will be beneficial for you to file the tax return on time without any hassle. It will also reduce your workload during the time of filing a return. This checklist will help you know to plan before and to inform your client early so that they can collect the required documents on time. It always becomes very difficult to do all the things on tax day. And operate all the things for each client on the same day.

Collecting all the information before time will help you save time and make you think about every tax deduction and credit that you can avail of.

Always make sure that you always keep your documents in one place, it will make your process fast and make sure you get every tax deduction.

Many companies can present top-grade tax professionals to CPAs, EA, and tax firms and carry a broad collection of professional CPAs to support you stay ready for the tax season. We hope this checklist will going to help you in your work.

Data relating to expenditure outlines (from employers or Centrelink) and earnings from banks and financial institutions can usually be accessed by the Australian Taxation Office (ATO) Portal. The information is not always updated (particularly in July and August), so it is always better to keep original documents with you to cross-check where feasible.

Read More: Easy Guide To Effective Financial Audits For A Business


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