It's tax preparation season, and for many individuals, it's the most stressful time of the year. Before your tax return can be completed, you need to provide your preparer with all the necessary documentation. Yet, knowing what is and isn't important can be confusing. Ensure that you have everything in order by taking a closer look at all of the required paperwork below.

To start, you need to gather personal information for yourself as well as your spouse and dependents, if applicable. This data includes social security numbers and birthdates. The Internal Revenue Service (IRS) requires these details to be present, or they won't accept the tax return.

You will also need income verification documents for the tax preparation process. For traditional employment, your employer will provide you with a W-2 that outlines your gross and net income as well as the amount of state and federal income taxes you paid in over the year. You will also need any 1099s from other types of income. Contractors typically receive a 1000-MISC from the companies they've worked with while retirees can expect a 1099-R for pension benefits and an SSA-1099 for social security benefits.

After gathering income information, it's time to put together documents that may help you reduce your overall tax liability. If you're self-employed or operate a business from your home, you'll need a list of business-related expenses, the square footage of your office, and any utility bills, like internet and electricity. You'll also need paperwork regarding self-employed retirement and health insurance costs. Many of these expenses can be partially or completely deducted.

If you have student loans, your lender should provide you with a 1098-E that specifies how much interest you've paid over the year. Homeowners will get a 1098 that outline the mortgage interest they've paid as well as any points they've obtained. In both cases, the bulk of these expenses are usually deductible. Other potential deductions include donations to charities, medical and dental expenses, and energy-efficient home improvements.

Make sure your taxes are done right by turning to the professionals Master Finance in San Marcos, TX. While the company specializes in personal loans, they also provide affordable tax preparation and planning services that are reliable, accurate, and efficient. Schedule an appointment to get started on your tax return today by calling (512) 392-6102, and learn more about their lending services by visiting their website.