2026 Helpful Bookkeeping Tips

Annual Year-End Tax Checklist

Personal Information

• Verify any changes in your personal details. (Name, address changes etc.)

• Update any changes in marital status or dependents.

Income Documentation

• Gather W-2 forms from employers.

• Collect 1099 forms for freelance or contract work.

• Include any other income documentation (interest, dividends, rental income).

Deductions and Credits

• Compile receipts for deductible expenses (medical, charitable donations, business expenses).

• Review eligibility for tax credits (education, child tax credit, earned income credit).

Retirement Contributions

• Check contributions to retirement accounts (401(k), IRA).

• Consider making additional contributions before the deadline.

Health Insurance

• Gather Form 1095-A, 1095-B, or 1095-C for health coverage verification.

• Review any medical expenses for potential deductions.

Investment Records

• Collect statements for stocks, bonds, and mutual funds.

• Document any capital gains or losses from sales.

Business Expenses (if applicable)

• Document all business-related expenses by entity type.

• Ensure you have receipts for major purchases and expenses, especially asset additions and removals.

• Reconcile all bank and credit card accounts for the business

• Review equity items like "owner's draws" to verify its contents

• Reconcile the payroll summary reports to your Profit and Loss Statement

• Remember to give us a call if you get stuck along the way!

Post-Filing Actions

• Keep copies of your tax return and supporting documents for at least three years.

• Monitor for any correspondence from the IRS or state tax authorities.