Tax Planning Checklist

All income sources documented

Include W-2s, 1099s, investment income, rental income, and any other taxable income

Tracked freelance/side income

Keep records of all side gig income — the IRS receives copies of your 1099s too

Reviewed withholding accuracy

Use the IRS withholding estimator to avoid a surprise bill or an unnecessarily large refund

Maximized retirement contributions (401k/IRA)

2024 limits: $23,000 for 401(k), $7,000 for IRA — reduces taxable income dollar for dollar

Tracked deductible expenses

Track medical expenses, state/local taxes, mortgage interest, and charitable donations

Considered itemizing vs standard deduction

For 2024, the standard deduction is $14,600 (single) or $29,200 (married) — itemize only if yours exceeds this

Checked education-related deductions

Look into the American Opportunity Credit (up to $2,500) and Lifetime Learning Credit (up to $2,000)

Reviewed eligible tax credits

Credits are more valuable than deductions — they reduce your tax bill dollar for dollar

Checked child/dependent credits

The Child Tax Credit is up to $2,000 per qualifying child; the Child and Dependent Care Credit covers childcare costs

Verified energy-efficient home credits

Up to $3,200 for energy-efficient home improvements like heat pumps, insulation, and solar panels

Considered tax-loss harvesting

Sell losing investments to offset gains — you can deduct up to $3,000 in net losses against ordinary income

Planned charitable donations

Bunch donations into one year using a donor-advised fund to exceed the standard deduction threshold

Reviewed estimated tax payment schedule

Self-employed? Pay quarterly estimated taxes to avoid underpayment penalties