Things to remember when filing 2023 tax returns
These six easy tips will help make tax preparation smoother in 2024. Much of this information is also available on a special IRS.gov free help page at https://www.irs.gov/help/let-us-help-you.
1. Gather all necessary tax paperwork and records for accuracy to avoid missing a deduction or credit. Taxpayers should have all their important and necessary documents before preparing their return. This will help file a complete and accurate tax return. Errors and omissions slow down tax processing, including refund times.
Before beginning, taxpayers should have:
Bank account and routing numbers.
Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions.
Form 1095-A,
Any
2. Remember to report all types of income on the tax return. This is important to avoid receiving a notice or a bill from the
Goods created and sold on online platforms.
Investment income.
Part-time or seasonal work.
Self-employment or other business activities.
Services provided through mobile apps.
3. Filing electronically with direct deposit is the fastest way to receive a refund. Avoid paper returns. Tax software helps individuals avoid mistakes by doing the math. It guides people through each section of their tax return using a question-and-answer format.
For those waiting on their 2022 tax return to be processed, here's a special tip to ensure their 2023 tax return is accepted by the
4. Free resources are available to help eligible taxpayers file online. Free help may also be available to qualified taxpayers.
With
People who make over
Qualified taxpayers can also find free one-on-one tax preparation help around the nation through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
5. Consider which filing option to use; each one has its own benefits. Taxpayers should decide based on their personal situation and comfort level with tax preparation.
Personally file taxes.
Use online filing services.
Hire a tax professional. Choose a tax professional carefully. Most tax return preparers are professional, honest and provide excellent service to their clients. However, dishonest tax return preparers who file false income tax returns do exist. The
6. Don't wait on hold when calling the
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