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Tax Prep Checklist & Last-Minute Moves Thumbnail

Tax Prep Checklist & Last-Minute Moves

Blog Taxes

It’s everybody’s favorite time of year again – tax filing season. With 34 days (and counting) left until the filing deadline on April 15th, we wanted to share some tips and FAQs to make sure this year’s tax filing is one-and-done. 

Have a specific question in mind? Click any question below to jump to the answer:

1. What Documents do I need to gather?

The best way to determine what you might need is to reference your documents from last year. However, any changes during the calendar year may impact the documents that you will need.

Common changes to consider:

  • Moved to a new address - especially if you’ve moved to a state with different filing requirements
  • Changed jobs or retired
  • Moved your accounts to a new custodian (For example - from Altruist to Schwab)
  • Received a new income source (Social Security, required minimum distributions (RMDs), pension, deferred compensation)
  • And more! TurboTax has a comprehensive checklist that you can reference. Keep in mind, not everything will apply to you.

2. Are there any last-minute moves I can make?

The best time to plan for any given tax year is during the year (i.e., most 2026 tax moves should be planned & executed between January 1st, 2026 and December 31st, 2026). However, there are still some things you can implement for your 2025 taxes ahead of the filing deadline.

  • Traditional IRA contributions (potentially deductible but depends on your income)
  • Roth IRA contributions (not deductible but tax-free growth)
  • Solo 401(k) or SEP IRA contributions (for self-employed individuals)
  • HSA contributions (triple tax-advantaged but only available via qualifying health plans)

3. How do I double check my tax return?

Whether you file your taxes by yourself or hire a professional, it’s good to double check your return for accuracy. If you work with a professional, be sure to ask any questions before your return is submitted.

Key items to review:

  • Deductions & Credits
    1. The OBBBA introduced a number of new deductions and changes to deduction amounts, income phase-outs, and caps.
    2. New deductions for 2025 include:
      • Tip Deduction
      • Overtime Deduction
      • Car Loan Interest Deduction
      • Enhanced Senior Deduction
  • Estimated Tax Payments
    1. If you make quarterly estimated tax payments to the IRS or state, make sure you and/or your preparer have included all payments made.
    2. Keep records throughout the year as you make payments, especially if you made a one-time payment.
  • Contributions
    1. Did you contribute to an IRA, Roth IRA, HSA?
  • Income Sources
    1. You should receive a tax document from each of your income sources but make sure you or your preparer included each income source to avoid potential penalties for failing to report income.
  • Basis Items
    1. If you made any after-tax IRA contributions, Roth IRA contributions, or completed any Roth conversions, make sure your basis is recorded to avoid potentially paying taxes a second time when drawing income from these accounts.
  • Itemized Deductions (if any)

    A majority of taxpayers use the standard deduction. If your medical expenses, charitable donations, state and local taxes, and/or mortgage interest have increased, it’s worth double checking to see if itemizing would be beneficial.

    1. Medical Expenses
      • Only expenses over 7.5% of your AGI will count
    2. SALT Deduction & Changes
      • The SALT deduction stands for State and Local Tax, and can include property taxes, income taxes, or sales tax.
      • Under the OBBBA (One Big Beautiful Bill Act), the cap has increased from $10,000 to $40,000 (subject to income phaseouts).
    3. Mortgage-Interest Deduction
      • The interest portion of your mortgage is generally deductible (subject to caps).
      • May include PMI and HELOC interest if used for qualified improvements.
    4. Charitable Donations
      • If you gave cash or another asset to a qualifying charity (must be a 501(c)3), you may be eligible for an additional deduction.
      • Non-itemizers can deduct up to $1,000 (single) or $2,000 (married filing jointly) in cash donations in addition to the standard deduction starting in 2026.
      • Itemizers are subject to a floor of 0.5% of their AGI before charitable donations will be deductible.

4. What if I need to file an extension?

Most taxpayers do not have a need to file an extension, but if you own certain investments which generate a tax document called a K-1, or if you are a business owner, or need more time to file for any other reason, be sure to request an extension by the normal tax-filing deadline.

  • Important: Filing a request for an extension only gives you more time to complete your return. It does not give you more time to pay your tax liability.
  • If you’ve filed an extension, be sure to file your completed return by October 15th.

5. What should I do before next tax-filing season?

Most tax planning needs to be completed before December 31st of each year. If you’ve been a client for some time, you are already familiar with our year-end, tax-planning focused meeting. Different situations warrant different tax moves, but below is a non-exhaustive short-list of action items that we consider:

  • Tax-loss or tax-gain harvesting
  • Roth conversions
  • Retirement account contributions
  • HSA contributions
  • FSA spending
  • Bunching deductions
  • Deferring income

6. What if I have other questions?

Your Oasis team is always happy to assist.