When it comes to your taxes, planning ahead can you people file an accurate tax return and avoid delays in processing that can slow tax refunds.
Gather and organize tax records. Individuals should have all their tax and income information available before filing to ensure the return is complete and accurate. Having a copy of last year’s return handy can serve as a guide when getting ready to file.
A key record to have before filing is all Forms W-2 from employers. Filers should not use the information from their final pay statement(s) to prepare and file their tax return. Doing so can cause processing and refund delays because information on a final pay statement often differs from the information on a Form W-2 received by the IRS.
Other important documents include the 1095-A, Health Insurance Marketplace Statement, Forms 1099-MISC or other income statements for workers in the gig economy, Forms 1099-INT for interest received, and Forms 1099 from banks, issuing agencies and other payers.
Log in or set up IRS Online Account. Taxpayers and ITIN holders can securely access their tax records and many IRS services by creating or logging in to their online account at IRS.gov/account. With an online account, taxpayers can:
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Make or schedule payments.
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View tax owed and payment history.
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Request transcripts.
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View or apply for payment plans.
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See digital copies of some IRS notices.
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View key data from their most recently filed tax return, including adjusted gross income.
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View and approve power of attorney and tax information authorization requests from tax professionals.
Use direct deposit. The fastest way for individuals to get their tax refund is by filing electronically and choosing direct deposit. Direct deposit gives individuals access to their refund faster than a paper check.
Those without a bank account can learn how to open an account at an FDIC-insured bank or through the national Credit Union Locator Tool. Veterans should review the Veterans Benefits Banking Program for access to financial services at participating banks.
Prepaid debit cards and mobile apps may allow direct deposit of tax refunds. They must have routing and account numbers associated with them that taxpayers can enter on their tax return. The mobile app provider or financial institution can confirm which numbers to use.
IRS tools and resources for the 2024 filing season. Tax information, resources and account management tools are available 24 hours a day. On IRS.gov taxpayers will find:
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Interactive Tax Assistant — Based on user input, this anonymous tool provides answers to tax law questions specific to the user’s circumstances.
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What is Taxable and Nontaxable Income? — Find out what income is taxable and nontaxable.
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Credits & Deductions — Learn how credits and deductions work, what credits and deductions are available and who can claim them.
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Forms and Instructions — Access a library of IRS forms, instructions and publications on virtually any tax topic, many in multiple languages and accessible formats.
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Frequently Asked Questions — Get plain language answers to the most frequently asked questions on a variety of topics.
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Free File — Select and use commercial software to prepare and file federal income taxes online for free. Taxpayers comfortable preparing their own taxes can use Free File Fillable Forms, regardless of income, to file their tax returns either by mail or online.
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Volunteer Income Tax Assistance/Tax Counseling for the Elderly — Find organizations that provide free tax help for eligible persons that include working families, the elderly, the disabled and people who speak limited English.
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Directory of Federal Tax Return Preparers — Search for tax preparers in their area who hold professional credentials recognized by the IRS.
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Where’s My Refund? — Check the status of a refund within 24 hours after the IRS accepts an e-filed return or four weeks after mailing a paper return.
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Payments — Pay by direct debit from a bank account or choose an approved payment processor to pay by credit or debit card for a fee. Also apply for a payment plan and learn about the IRS Offer in Compromise program.
The IRS provides information and resources in as many languages as possible and enhanced services for people with disabilities, including through the Accessibility Helpline at 833-690-0598.
Visit the Get Ready webpage at IRS.gov/getready for additional resources.
REMEMBER: You should make sure you're withholding enough tax; the last quarterly payment for 2023 due Jan. 15, 2024
You may want to consider adjusting your withholding if you owe taxes or will receive a large refund on their 2023 federal tax return. Changing withholding can help avoid a tax bill or let you keep more money each payday. Life events – like getting married or divorced, welcoming a child or taking on a second job – may also be reasons to change withholding.
You may want to consider completing a new Form W-4, Employee's Withholding Certificate, each year and when personal or financial situations change. Those who receive a substantial amount of nonwage income should make quarterly estimated tax payments. Nonwage income may come from:
