It’s tax filing season.
If you’re getting ready to file, try adding some of these tips to your tax preparation this season to make filing easier:
Important dates
The official start date of the 2024 tax filing season is Jan. 29, when the IRS will begin accepting and processing 2023 returns. The filing deadline for most taxpayers to submit their 2023 tax returns, file extensions and pay money owed is April 15. Taxpayers requesting an extension will have until Oct. 15 to file.
Make sure you’ve accounted for all income
For those who simply work one job, your W-2 will be all you need. If you take in income from another source, like renting a property, freelancing or selling and reselling items, this income must also be noted in your taxes.
Here is more information from the IRS.
Compile all necessary documents
This includes things like income statements, donation receipts and more.
Keep track of changes
Changes that may affect your tax-filing status and refund for 2024 include:
- Number of dependents;
- Divorce;
- Employment income;
- Self-employment income;
Do your homework
Read up on the updates to the taxes to make sure you’re familiar with them and fully understand what they’ll mean as you file.
Consider all deductions
Carefully go through the list of possible deductions, and you may be surprised to learn that you’re eligible for ones like homeowner expenses, student loan interest or charitable contributions.
Start early
Give yourself as much time as possible to correct any mistakes, as well as peace of mind knowing your taxes are all done!
File your taxes electronically
This can shorten the time it takes for the government to process your return. Plus, you can have the IRS directly deposit the refund into your bank account to cut even more time!
Learn more about it here.
Eager to receive your refund?
Know when it’s coming with certainty by tracking your state and federal refunds online.
Click the links below to track your refund:
Prepare for the future
Give your future self a hand and prepare for next year’s taxes by considering any and all missteps you experienced this year that made filing your taxes more difficult. For example, making an appointment with a personal accountant, keeping better track of important documents and updating the amount of tax withheld from your paycheck in the upcoming year can make filing next year that much easier.
Digitize your documents
You probably know how helpful compiling your documents is, but digitizing them will be a real game-changer for next year. You can use a scanner or a mobile app to upload them to your computer.