Tax and Accounting Services

Getting Ready to File?

Here's How to Prepare for Your Tax Return

Not sure what documents you need to prepare your tax return? The right information depends on your situation. Here’s how to get organized and what to expect throughout the tax preparation process.

Home » Tax Preparation Checklist: How to Get Ready to File

Tax Preparation Made Easier

Getting ready to file your tax return often starts with one question: What documents do I need to provide?

The answer depends on your tax situation. Someone who receives a W-2 may need relatively few documents, while a business owner, investor, or rental property owner may have considerably more information to gather.

A good tax preparation checklist can help you get organized, but it shouldn’t require you to figure everything out on your own. At DuPage Tax Solutions, we use tax organizers and business document checklists to help identify the information relevant to each client’s return.

Here’s how to prepare for your tax return and what you can expect throughout the process.

What Documents Do You Need for Tax Preparation?

The documents needed for tax preparation vary from person to person, but a good place to start is with the tax forms and statements you receive from employers, financial institutions, investment companies, retirement plans, and other organizations.

Depending on your situation, these may include:

W-2 forms from employers
1099 forms reporting interest, dividends, retirement distributions, contract work, or other income
Brokerage and investment statements
Schedule K-1s from partnerships, S corporations, trusts, or estates
Form 1098 for mortgage interest
Education-related tax documents
Health Savings Account (HSA) forms
Records of estimated tax payments
Information about charitable contributions
Records related to rental properties or other sources of income

This isn’t an exhaustive list. The important point is that the documents you need depend on what happened during the year.

That’s why simply downloading a generic list of tax forms isn’t always enough.

Preparing for an Individual Tax Return

For individual tax preparation, we use a tax organizer to help determine which documents and information apply to your particular situation.

Rather than expecting you to know every tax form you might need, the organizer asks questions about events and activities that could affect your return.

For example, you may be asked whether you:

Changed jobs
Bought or sold a home
Own rental property
Bought or sold investments
Received retirement distributions
Made a Roth conversion
Contributed to a Health Savings Account
Paid college tuition
Made charitable contributions
Had self-employment income
Had a child or another significant family change
Paid estimated taxes

Your answers help us understand what occurred during the year and identify the documents we may need to prepare your return.

This is important because not everything that affects your tax return arrives on an official tax form.

If you’re looking for professional assistance with your return, learn more about our individual tax preparation services.

Preparing for a Business Tax Return

Business owners generally need to provide more than tax forms. Accurate accounting records are an important part of preparing a business tax return.

Depending on your business and entity type, the information needed may include:

Year-end profit and loss statement
Balance sheet
General ledger
Bank and credit card reconciliations
Payroll reports
Fixed asset purchases and disposals
Business loan information
Owner contributions and distributions
Estimated tax or pass-through entity tax payments
Forms 1099 issued by the business
Information about significant transactions during the year

At DuPage Tax Solutions, we provide business clients with a checklist of the records we typically need so they know what to gather before tax preparation begins.

Are Your Books Ready for Tax Preparation?

Your accounting records can make a significant difference in how smoothly business tax preparation goes.

If your books are maintained throughout the year through monthly bookkeeping, much of the information needed for the business return should already be organized and reconciled by the time tax season arrives.

If you’ve fallen behind, however, don’t assume the problem has to be solved before contacting your tax professional. Catch-up bookkeeping can help bring prior months up to date, reconcile accounts, and get the financial records ready for tax preparation.

The goal isn’t simply to produce a profit and loss statement. Your tax return should be based on accounting records that accurately reflect what happened in the business.

Tell Your Tax Preparer What Changed During the Year

Tax forms don’t always tell the entire story.

One of the most useful things you can do when preparing for your tax appointment is tell your tax professional about significant changes during the year.

These might include:

Starting, buying, or selling a business
Buying or selling real estate
Purchasing or selling a rental property
Moving to another state
Changing jobs
Receiving stock compensation
Taking a significant retirement distribution
Completing a Roth conversion
Getting married or divorced
Having or adopting a child
Receiving an inheritance
Making a significant charitable contribution
Making major business purchases

Even if you aren’t sure whether something affects your return, mention it. Your tax professional can determine whether additional information is needed.

What If You're Still Waiting for a Tax Document?

You don’t necessarily need to have every document in hand before beginning the tax preparation process.

For example, you may still be waiting for a Schedule K-1, corrected brokerage statement, or another document that won’t arrive until later.

You can generally begin gathering and submitting the information you already have. This gives your tax professional an opportunity to review your situation, identify questions, and determine what remains outstanding.

Starting earlier also gives you more time to address missing information or unexpected issues instead of discovering them immediately before a filing deadline.

How Should You Send Your Tax Documents?

Tax documents contain sensitive personal and financial information, so they should be transmitted securely.

At DuPage Tax Solutions, clients receive access to a secure client portal where documents can be uploaded and shared with our team.

You don’t have to wait until every document is available to upload anything. Sending documents as you receive and organize them can make the process more manageable and allows tax preparation to move forward as information becomes available.

What Happens After You Submit Your Documents?

Submitting your documents is the beginning of the preparation process, not necessarily the end of the information gathering.

As your return is reviewed, your tax professional may identify:

Missing documents
Transactions that need clarification
Differences from the prior year’s return
Potential deductions or credits requiring additional information
Questions about income, expenses, investments, or other activity

Responding to these questions promptly helps keep the return moving and provides enough time to evaluate the information carefully.

Once the return is complete, you should also have an opportunity to review the results and ask questions before filing.

Related Tax Resources

What Does Tax-Ready Bookkeeping Actually Mean?

Reconciled doesn’t always mean tax-ready. Learn what tax-ready bookkeeping means and why accurate, supported financial records matter for tax preparation and year-end planning.

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Thinking about switching accountants? Learn the signs it may be time for a change, what to look for in a new accountant, and how to make the transition easier.

2024 Tax Year Updates for Individuals

The 2024 tax year introduces several updates for individuals that could impact your finances. These updates include changes to deductions, credits, and income thresholds. From deductions to credits, here’s what you need to know.

A Little Preparation Can Make Tax Filing Easier

Preparing for your tax return doesn’t mean you need to know every form, deduction, or piece of information your tax professional might need.

That’s what a structured tax preparation process is designed to help with.

By gathering the documents you already have, completing your organizer or business checklist, letting your tax professional know about significant changes, and responding to follow-up questions, you can help make the process more organized and reduce last-minute surprises.

If you’re considering working with DuPage Tax Solutions, you can view our pricing to learn more about our tax preparation and accounting services.

Contact Info

Ph. (630) 909 9700
Email: DPTax@DP-Tax.com

Mail address:
1552 Illinois Rte 59 #1037
Naperville, IL 60564

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