Your tax preparation checklist

With Tax Day falling on April 15, it’s always a smart idea to get started on filing your tax return sooner rather than later. Depending on your situation, it can be a complicated process, but it can help to split it up into easier to tackle steps. Properly completing your taxes helps protect both your financial well‑being and your future stability. When your return is accurate and filed on time, you avoid penalties, reduce audit risk, and ensure you receive all the credits and deductions available to you. This can keep more of your money working for you and strengthens your overall financial health.

The following steps are not comprehensive, but can get you started in the right direction:

1. Make all possible contributions you can – You can make contributions to traditional IRAs, Roth IRAs, and health savings accounts (HSAs) for the previous year up until the federal tax-filing deadline. One of the biggest tax benefits you have is the ability to defer taxes and contribute to a retirement savings accounts, which includes your HPE 401(k).
2. Decide whether to file yourself or use a professional – Consider your situation: will your return be fairly simple? In this case, tax software or free IRS filing tools will typically do the trick, and these are steps you can manage on your own. Or maybe your return is more complex, between multiple income sources, investments, business income, or major life changes. In this case, a CPA or tax preparer may save you money and time.
3. Gather and organize all documents early – To help you file faster and more accurately, collect all the documents you may need. Papers should be mailed to you or available electronically early in the year.
   • Your HPE W-2: this reports your total annual wages and taxes withheld.
   • Any 1099 forms: you may have multiple of these, as they report non-employment income. For example, income can come from bank interest, dividends, investment gains, HSAs, 529 college savings plans, and more.
   • Mortgage interest statements
   • Student loan interest statements
   • Receipts or records for deduction: these can include donations, medical expenses, childcare, education, to name a few.
4. Understand your filing status – The five IRS filing statuses are Single, Married filing jointly, Married filing separately, Head of household, and Qualifying widow(er). Choosing the correct one can significantly affect your tax outcome.
5. Take advantage of any relevant credits and deductions – Tax credits and deductions can lower your tax bill, but many people miss out because they don’t realize what they qualify for. Common credits include the Child Tax Credit, Earned Income Tax Credit, and education-related credits, which can increase your refund, if you qualify. On the deduction side, you’ll want to compare the standard deduction to potential itemized deductions like mortgage interest, state and local taxes, or large out-of-pocket medical expenses to see which option saves you more.
6. Double-check your personal information for accuracy – Simple mistakes, like an incorrect Social Security number, misspelled name, or wrong bank account details, can delay your refund or cause processing issues. A final review helps avoid complications.
7. File on time and choose how to receive (or pay) your balance – Make sure you have all paperwork filed by April 15. Once your return is ready, decide how you want to manage the outcome: if you expect a refund, electronic direct deposit is the fastest and most secure option, and if you owe money, setting up a payment plan or scheduling electronic payments can help you manage the cost without disrupting your financial stability.

© 2026 FMR LLC. All rights reserved.  
ERNA