The Internal Revenue Service (IRS) strongly recommends preparing for the next tax season throughout the year, rather than filing in a rush. In this way, you can definitely file a more accurate tax return and it will mean getting your tax refund, if eligible, without delays caused by errors and mistakes.
First and foremost, the IRS suggests creating an account. Once you have an Internal Revenue Service account, you will have access to all the tax-related information you may need. This is particularly important if you are between the ages of 18-24 and you have never filed a tax return before because you had no obligation to do so. With this online account, you can request an IP PIN, access notices, former returns details and much more.
IRS recommends gathering tax records
Have a waterproof box and a folder to store all the tax records you get during the year. In this way, you will have organized all the tax records when the 2025 tax season starts.
By having all your documents ready, you may also find out easier if you are eligible for any tax credits or deductions. Do not file your tax return for 2024 until:
- you have Forms W-2 ready (get them from your employer).
- Forms 1099 from banks or agencies (e.g. dividends, pension, annuity, retirement plan distributions, or unemployment compensation).
- IRS or agency letters
- CP01A Notice
- Form 1095-A
- Digital asset transaction documents
- Form 1099-K, 1099-MISC, W-2 or other income statement if you belong to the gig economy
IRS insists on checking ITIN
Has your ITIN expired? Do you need to renew it or get a new one? Keep in mind that the IRS can still accept your tax return if your ITIN has expired, but it will take longer to process, so your tax refund may take longer which will keep you waiting for your tax refund check.
For example, if you have claimed the Child Tax Credit or the American Opportunity Tax Credit, you may not want to be waiting for your money any longer. Tax withholding is another thing to take into account.
Paying enough taxes but not too much will be key to getting a fair amount. If you got a large refund, or you had to pay a lot, you may need to use IRS Interactive Tax Assistant to adjust your withholding. Last but not leat, get banked to speed up tax refund payments through direct deposits.