2021 tax return preparation checklist

Whether you do your own taxes or have someone do them for you, it’s important to make sure you have all of your relevant info together before doing your return. Or, at least make sure you have everything in-hand and accounted for before actually filing your return.

While it’s always possible to do an amended return, it’s nonetheless easier to make sure your return is right the first time around.

To help ensure you have everything you need for your tax return, I made a checklist of items to consider and gather. While I can’t guarantee the checklist will cover EVERY single thing that may be applicable to you, it should cover the vast majority of items you need to consider.

You can download the checklist at: www.tenonfinancial.com/tax-return-checklist

Furthermore, I walk through a summary of the checklist in my recent video, Tax Return Preparation Checklist. And if you like the video, please be sure to subscribe to the channel and click the video’s little thumbs-up “like” button in YouTube, thanks!

As you’ll see in the video, a tax return is much more than just reporting your wages, Social Security, pensions, dividends & interest and investment account activity.

For example, many people are unaware that unemployment benefits are taxable income. Considering how many folks received unemployment during 2020 as a result of the pandemic, I suspect there will be a lot of people who will be in for an unwelcomed surprise when doing their taxes this year.

Furthermore, specific to 2020 are the stimulus payments many people received. While those payments are thankfully NOT taxable income, they still need to be reported on tax returns nonetheless.  

Though not necessarily fun or glamorous, preparing your tax returns accurately and filing them on time is extremely important. Hopefully the checklist will help make the process a bit easier!