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Tax season doesn’t have to be stressful – especially if you start preparing early. The small tasks that tend to pile up, like tracking down receipts or organizing paperwork, can be handled ahead of time to make filing smoother when the time comes.
Start Early—Even Before Your W-2 Arrives
As early as January, you can begin gathering the essentials. You don’t need your W-2 to get started. Begin by collecting:
- Social Security numbers for yourself and any dependents
- A copy of last year’s tax return
- Bank account and routing numbers for direct deposit
- Receipts for charitable donations, medical expenses, and real estate/property taxes
- Mortgage interest statements (Form 1098)
- 1099s for freelance or investment income
- Student loan interest info
- Records of estimated tax payments
- Vehicle licensing fees
- Any other income or deductions you expect to report
Review last year’s return to help build a checklist tailored to your situation.
Get Organized
Once you’ve gathered your documents, keep them in one place. A simple accordion folder labeled by year works great. As new receipts or tax-related mail arrive, file them immediately. This habit will save you time and headaches later.
Make a Filing Plan
Decide how you’ll file—on your own or with professional help.
- DIY Software: Programs like TurboTax and H&R Block are affordable and user-friendly. You can file online from home and get step-by-step guidance.
- IRS Free File: If your income qualifies, you can file directly through irs.gov at no cost.
- Tax Prep Services: Local filing companies offer in-person help, though they may not be tax experts. Compare costs and convenience.
- Certified Public Accountant (CPA): Ideal for complex returns, business owners, or those seeking expert advice. CPAs can help maximize your refund and ensure accuracy.
Set Yourself Up for the Year
As you organize 2025 taxes, start prepping for 2026. Keep a running list of documents you actually used and update it as needed. When you pay bills or make purchases, check if they’re tax-related and file them accordingly—even if you’re unsure.
Track major life events like marriage, home purchases, or medical procedures. These may affect your taxes and require additional documentation.
Final Tips
Keep a notepad handy to jot down questions or reminders as you prepare. And don’t forget—Chesapeake Bank’s online banking tools can help you categorize transactions, search history, and download statements for easier tracking.
For more financial tips, check out our partner site with Banzai.
