Before you know it, it’s April 15 and Tax Day is here again. Tax season often comes with big questions and a long list of to-dos. What documents do you need to file taxes? What’s a Form W2? What types of deductions can you claim? While this list may seem intimidating, preparing for tax season ahead of time could help you avoid errors, file taxes more accurately, and uncover additional deductions and credits. 

We’ve compiled some tips to tackle these questions and prepare for tax season no matter the time of year.

Here’s a six-step tax prep checklist to get you started:

Tax preparation checklist

  1. Determine your filing status
  2. Update your contact information
  3. Gather all your tax documents
  4. Max out your IRA and HSA contributions
  5. Decide how to file your taxes
  6. Check your withholding

1. Determine your filing status

Your filing status affects your tax rate. It also affects which tax deductions and credits you may claim, so it’s important to choose correctly.

These are the five tax filing statuses available to you.1

  • Single—unmarried people who aren't supporting a child or dependent adult
  • Head of household—unmarried people who pay at least half of their housing costs and support one or more individuals
  • Married filing jointly—married couples who file a joint return
  • Married filing separately—married couples who file separate tax returns
  • Qualifying surviving spouse—a widow or widower supporting a dependent child

You may want to consult the IRS website or contact a tax professional to help make sure your tax filing status is right for you. The IRS has specific rules around who qualifies as a dependent, child tax credits, the impact of married couples filing jointly or separately, and when an adult relative can qualify as a dependent. To determine your filing status, you can start with this online questionnaire from the IRS. If you’re still not sure, consult a tax professional.

2. Update your contact information

If you moved in the past year, you’ll need to update your contact information with the IRS and the state. You can do this when you file your return. But it’s better to make the change before Tax Day (April 15) so you don’t miss important information. To change your address with the IRS, fill out the form you’ll find here.

A name change is a bit more complicated. You’ll need to notify the Social Security Administration (SSA) of your name change before you file your taxes. If the name on your tax return doesn't match SSA’s records, it may delay your tax refund.

If your contact information is current, consider setting up an online account at irs.gov. You can use this online account to pay tax balances, set up payment plans, and more.

3. Gather all your tax documents

Gathering all your paperwork just before April 15 may be stressful. Think about building a tax documents checklist now to keep track of what you need to file taxes.

You won’t have much of your paperwork for the previous year until the months before tax prep starts. But having a file can help you remember to save receipts from donations or a move, freelance invoices, personal business expenses, or anything else that you want to remember at tax time. The IRS provides a list of documents that may be helpful to collect. It's also a good idea to have a copy of your previous year’s tax return on hand.

As you gather your tax documents, think about all your income: paychecks, interest from savings accounts, dividends from other investment accounts—everything. Your employer and financial institutions are required to send you documents that report all this income, either by mail or email.

These are some common tax documents you might receive during the year:2

  • W-2 forms from companies where you worked as an employee
  • 1099 forms from freelance income
  • Other 1099s from unemployment compensation, dividends, pension, annuity or retirement plan distributions, and interest from any savings accounts or certificates of deposit (CDs)
  • Form 1095-A, which is a Health Insurance Marketplace statement
  • Form 5498-SA to report health savings account (HSA) contributions
  • Form 5498 from your individual retirement account(s) (IRA)
  • Form 1098, for mortgage interest

If you’re self-employed or you have tax-deductible expenses that exceed the standard deduction, you’ll want to prepare a detailed list of your income and expenses. For the 2025 tax year, the standard deduction for single filers and married couples filing separately is $15,750.3

These numbers typically change from year to year. So always double check your standard deductions on the official IRS website before filing.

To add up your tax-deductible expenses, it's a good idea to check your bank and credit card accounts. Many banks and credit card companies provide year-end summaries of your charges.

4. Max out your IRA and HSA contributions

If you have extra money to invest, consider making additional contributions to your retirement accounts as part of your good money habits.

Making extra contributions may help reduce your tax bill. It may also get you closer to your retirement goals. You have until Tax Day to max out your traditional or Roth IRAs and your HSA. These are the maximum contributions for the 2025 and 2026 tax years.

  • Traditional IRAs—$7,000 for individuals for 2025 ($8,000 if you’re age 50 or older) and $7,500 for individuals for 2026 ($8,600 if you’re age 50 or older) 4
  • HSAs–$4,300 for individuals for 2025 ($4,400 for 2026) and $8,550 for families ($8,750 for 2026) 5

5. Decide how to file your taxes

If your finances are straightforward, you may be able to file your own return. And if your adjusted gross income (AGI) is $89,000 or less in the 2025 tax year, you can take advantage of the IRS Free File program. Free File walks you through tax preparation with guided prompts.

If your AGI is over $89,000 or your financial situation is more complex, you can still use the free IRS forms to prepare your own tax return, or you may want to try tax preparation and filing software or consult with a tax professional.

If you’re self-employed, own rental property, sell a home, or otherwise have a more complicated tax situation, the best way to file taxes may be to consider hiring a licensed tax preparer or certified public accountant (CPA). Both types of tax professionals must meet specific educational and licensing requirements to prepare and file your tax returns on your behalf.

To find a tax pro, start by asking friends and family for recommendations. You might also search state and national professional associations. Good places to do this research include the National Association of Tax Professionals and the Accounting and Financial Women’s Alliance. You can also explore the Volunteer Tax Assistance (VITA) program for free tax help if you qualify based on income or other criteria. 

6. Check your withholding

When you first start a job, your employer usually gives you a form that asks how much you want taken out of your paycheck and given directly to the government to cover your federal income tax. This is your withholding. The income tax you may be liable for could also include state and local taxes.

The correct withholding amount depends on your filing status, how many dependents you have, and other factors. If you received a big tax refund last year, you may be withholding too much. If you owed taxes, you may not be withholding enough.

Use the IRS Tax Withholding Estimator to determine your withholding. Then, if you need to adjust yours, contact your company’s HR department so you get the right amount taken out of your paycheck. If you’re self-employed or have other income not subject to withholding, you’ll want to make estimated tax payments throughout the year. 

Other tips to help tax season go smoothly:

  • Set up direct deposit to get your tax refund faster.
  • If you need more time to complete your taxes, file for an extension. An extension gives you until October 15 to file your return. 6 The deadline to file your extension request is usually Tax Day (April 15). If you need help, the IRS website explains how to file for a tax extension. Keep in mind that you’ll still have to pay any taxes you owe by April 15. Otherwise, you’ll accrue penalties and interest charges.
  • To get a head start on your tax return preparation, also make note of everything you sell through online platforms or receive through payment apps. If you exceed a certain threshold, you may get a 1099. Read the guidance from the IRS here, or ask a tax professional for assistance with filling out forms for this type of income.
  • Check and bookmark the IRS Tax Alert page to stay informed of other changes that could affect your return.
  • Pro-tip: Consider a personal loan if you think you’ll owe a large amount in taxes and need help paying it. The funds from a personal loan are not considered taxable income.

Take the stress out of taxes

Preparing for tax season involves some paperwork and math, but it doesn’t have to be stressful. By completing this checklist and ensuring you’re prepared ahead of time, you could remove the mystery from filing your taxes.

If you want to make sure you file your taxes correctly, consider hiring a professional tax preparer who knows all the ins and outs of tax season.

If you’re expecting a refund, you might need to be patient. Most refunds are issued in less than 21 calendar days if you file electronically. But if you send  your return through the mail rather than filing online and you expect a refund, it may take six weeks or more.

Are you expecting a big tax bill? Find out how you could use a personal loan to pay your taxes.

Learn About Personal Loans For Taxes
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The information provided herein is for informational purposes only and is not intended to be construed as professional advice. Nothing contained in this article shall give rise to, or be construed to give rise to, any obligation or liability whatsoever on the part of Discover, a division of Capital One, N.A., or its affiliates.

1 https://www.irs.gov/filing/filing-status
2 https://vita.business.uconn.edu/what-documents-do-i-need-to-file-my-taxes/
3 https://apps.irs.gov/app/vita/content/00/00_13_005.jsp
4 https://www.irs.gov/publications/p590a
5 https://www.irs.gov/publications/p969
6 https://www.irs.gov/filing/get-an-extension-to-file-your-tax-return

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