Get Ahead: How To Prepare For Tax Season Early

Saturday, December 21, 2019, 6:00 AM | Leave Comment

Time passes at a rapid pace. A new year begins and ends in the blink of an eye.

As you reflect on the year gone by and the new year ahead, take time now to also consider the approaching tax-filing season.

Following these four suggested tips may help reduce your tax-filing stress and provide you with a more beneficial experience.

Get Ahead- How to Prepare for Tax Season Early

  1. Gather Required Tax Records

    One key to a successful tax filing is having all required supporting documentation. Employers and businesses that need to send you W-2 wage statements or other income-related documents need your correct mailing address.

    If you changed addresses in 2019, now is a great time to call or email those companies to update your mailing address.

  2. Check How Much Tax You Paid

    The amount of tax withheld by an employer is typically enough to cover tax obligations and provide a refund. However, life events such as marriage, divorce, and working a second job impact your withholding status. Do your research to ensure you paid enough tax. Now is also a good time to make any needed withholding adjustments before the 2020 tax year begins.

    Contact your employer’s Human Resources department to modify your withholding information.

  3. Protect Yourself from Tax Scams

    Every year at tax time, tax payers are bombarded with phone calls, text messages, and emails from entities claiming to be from the Internal Revenue Service (IRS). The IRS will never contact you via these methods. If the IRS must get in touch with you for any reason, they will mail you a letter. In the event you are contacted by someone claiming to be with the IRS, do not respond and do not give out any of your personally identifying information.

    You should also avoid using any tax preparer who promises you a larger income tax refund than another tax-preparation service. Signing your tax return holds you accountable for the accuracy of its contents. Knowingly signing a false tax return subjects you and your tax preparer to criminal prosecution.

    Make sure you are dealing with a reputable tax-preparation service or other financial business.

  4. File Early

    Consider filing early this year. Early electronic filing means receiving any tax refund that much sooner. If an unexpected situation arises, filing early will give you notice as well as time to resolve the matter before the April 15th filing deadline.

Filing your taxes can be easier and less stressful than you may think. Taking simple, proactive steps now will help you get ahead, be prepared, and gain peace of mind for the upcoming tax season. For more information on tax-related matters, visit the IRS website at https://www.irs.gov.

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