The Internal Revenue Service hasn’t yet revealed when tax season officially kicks off. This typically happens around mid-January when they begin processing returns and distributing refunds.
You don’t actually need to wait for that signal or the start of the new year to start tackling your taxes. The IRS has several suggestions for things you can do right now to get ready for tax season.
“By getting your documents together and organizing your information ahead of time, you’ll be able to file your tax return quickly and accurately,” the agency stated.
Here are some tips:
Gather your tax documents
Begin by collecting these essentials:
- Information about your bank accounts.
- Your W-2 form from your employer.
- Form 1099 from banks and other payers.
- Records of transactions related to digital assets.
Having this information in order will help you claim any deductions or credits, so it’s wise to organize your documents as you receive them.
Create an online account
Establishing an IRS Online Account can be beneficial. This secure access allows you to view your personal tax information, including recently filed returns. With this account, you can:
- Check tax records like your adjusted gross income and transcripts.
- Make, schedule, and monitor payments.
- Obtain an ID protection PIN.
- Allow tax professionals to access your records electronically.
- Find available Forms W-2 and certain 1099s.
Set up direct deposit
The quickest way to get your tax refund is to opt for direct deposit. This is particularly crucial this year as the IRS is moving away from issuing paper refund checks. Therefore, you’ll need to provide a routing and account number to facilitate a direct deposit into your bank.
If you’re not yet a bank account holder, you can always look into opening one. The FDIC’s GetBanked guide or the National Credit Union Locator tool can help.
Options like prepaid debit cards, digital wallets, and mobile apps are also on the table for those choosing direct deposit. Just make sure to have the correct routing number and account number linked to your personal account. It’s a good idea to check with your financial institution or app provider to find out which numbers you need.
