Documentation Required for Tax Filing
Filing taxes can be a complex process, and the documentation required may vary based on your individual circumstances. In this article, we will outline the standard documents required for federal tax filing in the United States, as well as the additional documents needed for self-employed individuals and rental property owners.
Standard Tax Filing Documents
- W-2 form (Wage and Tax Statement) from each employer
- 1099 forms for other income sources (e.g. interest, dividends)
- Social Security Number (or Individual Tax ID Number)
- Bank routing and account numbers for direct deposit of any tax refund
- Receipts or records of any deductible expenses
Additional Documents for Self-Employed Individuals:
- Schedule C (Form 1040) to report your self-employment income and expenses
- Form 1099-MISC, if you received any miscellaneous income from your self-employment
- Receipts and records for all business expenses, such as supplies, equipment, utilities, and travel.
- Form 1098, if you have a home office and are claiming the home office deduction
Additional Documents for Rental Property Owners:
- Schedule E (Form 1040) to report your rental property income and expenses
- Form 1099-MISC, if you received rental income of $600 or more from any single tenant
- Receipts and records for all rental expenses, such as mortgage interest, property taxes, repairs, and advertising
- Form 4562, if you are claiming depreciation on the rental property
It is important to keep detailed and accurate records of all income and expenses throughout the year to ensure that you are reporting all income and claiming all eligible deductions when you file your taxes. Additionally, it may be beneficial to consult a tax professional who can help you navigate the tax requirements for your specific situation.
Note: The specific documents needed may vary based on individual circumstances, and it is advisable to check the IRS website or consult a tax professional for more information.
Reference:
https://www.irs.gov/newsroom/tax-filing-step-1-gather-all-year-end-income-documents
https://www.forbes.com/advisor/taxes/tax-prep-checklist/