Ways to Financial Relief – Time to Prep for Tax Season

The IRS is now accepting 2023 tax filings. The deadline is April 15, 2024, but it’s a good idea to start preparing as early as possible. Here are 4 steps to make sure you are ready to file soon to ensure you make the deadline and have a potential refund quickly.

Double-Check Your Name & Address: This is an easy item to overlook. If you had any major life changes in 2023 (moved, got married or divorced, changed your name), it is a good idea to make sure this information is updated with the IRS & Social Security Administration before you start the filing process.

Organize Your Tax Documents: Be sure to have all documents you may need on hand such as:

• Last year’s return
• W-2 forms from your employer
• 1099 forms for any contract or freelance work
• Retirement account contributions
• Property tax & mortgage interest
• Student loan interest
• Investment dividends or distributions
• Healthcare marketplace details
• Unreimbursed medical bills
• Educational expenses
• Business expenses
• Charitable donations

Understand Your Filing Status: The IRS has five main statuses that all taxpayers fall under: Single, Head of Household, Married Filing Jointly, Married Filing Separately, and Qualifying Widow/Widower with Dependent Child. Depending on your filing status, you may qualify for certain deductions and credits.

Decide To Use a Tax Preparer or File Yourself: If your tax situation leans towards the more complicated, it may be better to have an experienced tax professional handle your return. If you are a business owner, an accountant can help appropriately file business and/or personal returns with the IRS. If your tax situation is straightforward, it may be easier and less expensive to use tax filing software online.