The 2022 tax season is coming! The due date for most tax returns and payments is April 18, 2022. If you want to make filing your taxes easier this year, now’s the time to listen to tips for the tax preparation that will speed up the process and make it less of a headache.
Let’s take a look at the things you should be doing now to make filing your taxes easier in 2022.
Gather Your Records
Getting your records together and organizing them before tax time can make filing your return a lot easier. You can also avoid errors by making sure all of your information and records are correct.
Most income is taxable, so you will need to gather documents related to your income. This might include W-2s, 1099, and other documents and records of transactions if you have other sources of income.
Be on the lookout for other letters the IRS might send you too. For example, they will issue letters relating to Child Tax Credit Payments, Economic Impact Payments, and Health Insurance Marketplace coverage.
Sign Up for an Online Account
When you are filing taxes in 2022, an online account with the IRS can make it easier to access some forms and records. You can opt-in or out of certain paper notices, which can help you get your documents quicker.
In a similar vein, you may want to consider e-filing your taxes and using direct deposit. Doing so will make it easier and quicker for the IRS to process your return. Plus, you don’t need to wait for a paper check if you expect to receive a refund.
Keep the IRS Updated
Keeping the IRS and related agencies aware of any changes is important to avoid processing and refund delays. If you move, you should notify the IRS of your address change. In addition, you should let the Social Security Administration know about a legal name change.
Getting these updated as soon as they happen can help speed up the process. If a change occurred last year, try to update the appropriate agency as early in the new year as possible.
Get Tax Help if Needed
For some people, filing taxes is easy once they gather their documents and fill in the appropriate forms. But some people have tax situations that are more complicated. If you are concerned about filing your taxes, you may want to get tax tips and help from a professional.
A Registered Tax Return Preparer (RTRP), CPA, Enrolled Agent, and a few others can help you file your tax return. The type of preparer you should choose will depend on your specific needs.
However, if the IRS has notified you of tax liabilities, you’ll need a different type of professional. In this case, you should seek legal help for taxes. A tax attorney can help you navigate even the most complicated situations of tax law.
It’s important to get legal help for taxes as quickly as possible as there are often deadlines when it comes to the IRS and the consequences can touch many aspects of your financial life.
Get Ready for the 2022 Tax Season
Tax season can be a daunting time for many people. But, if you prepare beforehand and get help when you need it, you’ll have a much easier time.
If this article was helpful to you, make sure to read our other finance articles too.