As the tax season approaches, the Internal Revenue Service (IRS) is offering tips to help taxpayers prepare for filing their taxes. With the new tax laws in effect, it is important for taxpayers to understand the changes and how they may affect their filing.
The IRS recommends that taxpayers start gathering their documents early. This includes W-2s, 1099s, and other forms that report income. Taxpayers should also make sure to have their Social Security numbers and bank account information handy.
The IRS also recommends that taxpayers review their withholding. This includes checking to make sure that the correct amount of taxes are being withheld from their paychecks. Taxpayers should also review their deductions and credits to make sure they are taking advantage of all the deductions and credits they are eligible for.
The IRS also recommends that taxpayers use the IRS Free File program. This program allows taxpayers to file their taxes electronically for free. It is available to taxpayers with an adjusted gross income of $72,000 or less.
The IRS also recommends that taxpayers use direct deposit when filing their taxes. This will help ensure that refunds are received quickly and securely.
Finally, the IRS recommends that taxpayers review their tax returns carefully before filing. This will help ensure that all the information is correct and that the taxpayer is taking advantage of all the deductions and credits they are eligible for.
By following these tips, taxpayers can ensure that they are prepared for the upcoming tax season. The IRS also offers additional resources to help taxpayers understand the new tax laws and how they may affect their filing.