This guide to individual tax preparation will help you:

• Understand which IRS forms to use
• Properly track income and expenses
• Determine your eligibility for tax credits

Filing your taxes can be overwhelming, but preparing your information and the right documents will make the process smoother and less stressful. This is essential for accurately reporting your income and expenses, claiming deductions, and complying with IRS tax regulations. Here is a checklist of personal information you will need to gather:

• Social Security Number (SSN) or Tax ID number
• Dates of birth and SSN for spouse and dependents
• The income of other adults in your household
• Identity Protection PIN (if applicable)
• Proof of income
• Savings and investments of dividends
• Bank routing and account numbers

Whether you supplement your income through contracting or are a full-time 1099 worker, there can be some complexities if you are not experienced with self-employment filing. Many contractors overlook key documents and receive penalties from the IRS, such as not filing Form 1040-ES for quarterly estimated tax payments and other necessary procedures.

Filing as self-employed is considerably more complicated than most other forms of filing. These are common mistakes to avoid:

• Not keeping track of business expenses
• Unorganized financial records 
• Missing filing deadlines
• Neglecting to file 

At TaxRise, our tax professionals work diligently with the IRS to achieve the best possible results for our clients. If you need to file returns from previous tax years in order to resolve tax debt, we can get that taken care of for you.