The IRS confirms that the new tax season starts on January 29, This will be the day when you can file your 2023 tax return. Undoubtedly, if you submit a complete and accurate return, you will receive your tax refund faster.
Hiring a professional will save you time, but there are some things you must provide them with. Before looking for a tax preparer on the Internet, visit the IRS website to find one that is official.
It is true that the filing window may seem long. However, there are many people who forget to file on time. Leading a hectic life is among the most common reasons. Not to mention the fact that many people put it off because it is something annoying and tedious.
USE A CHECKLIST BEFORE THE IRS APRIL 15 DEADLINE APPROACHES
First of all, you will need to provide the IRS or tax preparer with your personal information. Undoubtedly, you will need a Social Security number. If you do not have one, make use of your ITIN (Individual Taxpayer Identification Number).
Secondly, you may need to make use of any previous federal or state tax return. So, do not forget to have with you any documents related to last year’s taxes. It may save you time in certain cases although it is not a must.
If you have an IP PIN, you should have it within reach. The IRS may request it at some point. The main aim for many taxpayers is to get a direct deposit and get a tax refund ASAP.
Hence, you will need to give the IRS your bank account numbers. Some people do not get a refund but they must pay taxes. So, they may also need their bank account number if they want to pay their taxes.
FORMS YOU MAY NEED TO FILE YOUR 2023 TAX RETURN
It is essential to show the IRS the official documents that give evidence of your income. For example, you may need 1099 forms or W-2 forms. In the case of the W-2 form, your employer must send it to you.
It is true that they could send you through January 31. Since the IRS allows you to file from January 29, you may need to wait until you receive it. Do not worry because it is valid if you got it electronically.
The next thing you should check is if you can get any credits or deductions. Take for example the Child Tax Credit or some Medical expenses. It is true that each tax payer is different.
Therefore, you should make a checklist of your own. Note down the key ideas so that you do not forget anything. In this way, the IRS can quickly review your tax return and send you your money if eligible.
Checklist:
- Previous tax return documents
- Form W-2
- SSN or ITIN
- Form 1099
- IP PIN
- Deductions (medical, retirement, education, charity, property… )
- Bank account Number.
- Credits (CTC, EITC, American Opportunity. …)
- Estimated tax payments made