Are you wanting to get your taxes done as quickly as possible for the upcoming tax season? If so, there are steps you can start taking now to help expedite the tax filing process. One of those things is to gather all your tax documents and organize them so you have your tax records ready to go once you receive your forms from your employer.
The IRS urges all taxpayers to develop a recordkeeping system − electronic or paper − that keeps important information in one place. Keep copies of filed tax returns and all supporting documents for at least three years. This includes year-end Forms W-2 from employers, Forms 1099 from banks and other payers, other income documents, records documenting all virtual currency transactions, and Forms 1095-A for those claiming the Premium Tax Credit. Add tax records to the files as they are received. Having complete and timely records can help any taxpayer file a complete and accurate return.
Taxpayers should confirm that each employer, bank or other payer has a current mailing address or email address. Typically, year-end forms start arriving by mail – or are available online – in January. Review them carefully and, if any of the information shown is inaccurate, contact the payer right away for a correction.
To avoid refund delays, be sure to gather all year-end income documents before filing a 2019 return. Filing too early, before receiving a key document, often means a taxpayer must file an amended return to report additional income or claim a refund. It can take up to 16 weeks to get an amended return refund.
If you need help filing your 2019 tax return, Polston Tax can help! Our team of tax attorneys can help you not only pick the correct tax deductions and tax credits, but we can also help you through the filing process and help you settle a tax debt if you end up owing after filing. Give us a call at 844-841-9857 or click below to schedule a free consultation!