Tax Preparation Checklist

In addition to contributing to an IRA, contributing to another tax-advantaged account, such as a Health Savings Account (HSA), is another opportunity for potential tax deductions as long as IRS eligibility requirements are met.

Keep in mind, you must be enrolled in a high deductible health plan to be eligible to open an HSA.

When considering a Traditional IRA, it’s possible to invest in assets beyond the stock market such as real estate, digital currency, precious metals and more with a self-directed Traditional IRA.

Doing so allows your investments to grow potentially tax-deferred and offers the possibility of a tax deduction.

2. Explore Roth IRAs

If you make a 2025 contribution to a Roth IRA before the tax filing deadline on April 15, even if you open the account in 2026, it will not count toward your 2026 contribution limits.

This allows you to catch up on missed saving opportunities from 2025 while keeping open the ability to maximize your 2026 Roth contributions as well.

In terms of long-term tax savings, Roth IRA funds are contributed after-tax but grow tax-free. Furthermore, funds distributed from a Roth IRA after age 59½ are also tax-free after the account has been established for five years.

You may want to consider a Roth IRA if you exceed the MAGI limits to qualify for a deduction on your Traditional IRA contributions. Be sure to talk with a financial professional to determine what is best for you.

Finally, when considering a Roth IRA, it’s possible to choose a self-directed Roth IRA to invest in assets outside of the stock market. Using a self-directed Roth IRA held with a directed custodian, such as Equity Trust, offers the opportunity to invest in a wide variety of assets (real estate, notes, precious metals, digital currency, etc.) in a tax-free environment.

[Read More: 3 Reasons to Consider a Roth IRA Before the Tax Deadline]

3. Recognize possible saving opportunities

If you realize you didn’t save as much as you hoped throughout 2025, there’s still time to save for retirement, healthcare, and/or a child’s education in a tax-advantaged environment.

It’s still possible to open and contribute to an IRA, Health Savings Account (HSA), or Coverdell Education Savings Account (CESA) before the deadline on April 15, 2026. As mentioned, contributions before the deadline can be made for the 2025 tax year for any of the three accounts.

4. Know your contribution limits

The contribution limits established by the IRS each year are applicable for any Traditional or Roth IRAs you have, regardless of where the accounts are held.

Keep in mind, the maximum contribution limit includes all contributions per account type, whether it’s in one account or split across multiple accounts.

5. Get yourself organized

Below are some basic items and documents you may need as you or your CPA prepare your tax return this year.

Items to organize

The IRS offers a full checklist of documents you may need when filing taxes, but the following is a condensed list that will apply to most individuals.

To speed up the process, it may be helpful to gather any/all documentation you might need before you start filing your tax return or meet with your adviser, CPA or tax professional.

Personal Information

• Social Security Number – For you and your dependents
• Proof of identification – Photo ID
• Copy of last year’s tax return – Not required, but helpful to have as a comparison point
• Bank account and routing number – If you plan on depositing your refund directly to your account

Income Information

• W-2 forms – from all employers
• 1099 forms – interest and dividend statements from banks

Want to learn more about a self-directed IRA, HSA, or other account? We’re here to help. Set up a consultation with an Equity Trust Senior Account Executive today.