Get Prepared for Tax Season

Now that the IRS has opened the portal for tax filing, you have a few months to get things in order to prepare. Here’s how you can be ready for tax season this year.

Gather your documents

The first step in prepping for tax season is to gather all the necessary documents. Depending on your personal circumstances, these can include:

W-2 forms
1099 forms
Receipts and invoices
Mortgage and loan documents
Investment statements
Business income and expenses
Other miscellaneous income
Organize your finances

Store all your documents and receipts in a folder, binder or digital file so you can access them whenever necessary. This will help ensure you don’t miss any deductible expenses.

Prepare your personal information

In addition to your income information, you’ll need the Social Security number and date of birth of each dependent you claim. It’s a good idea to have this info, and any other details your tax preparer will need, ready before you start your return.

Review tax law changes

The tax code changes every year, and some of this year’s modifications may impact your tax situation. Be sure to review the most recent updates so you can take advantage of any new deductions or credits.

Determine your filing status

Your filing status determines the tax rates and the standard deduction you’re eligible to take. Choose the status that best fits your situation. The most common filing statuses are:

Single
Married filing jointly
Married filing separately
Head of household
Qualifying widow(er)
Learn the deadlines

It’s important to be aware of tax filing deadlines. For most individuals, the deadline to file federal income taxes is April 15th. If the 15th is on a weekend or holiday, the deadline is typically extended to the next business day.

Choose your filing method

You can file a paper tax return and mail it to the IRS, use tax prep software like TurboTax or H&R Block, hire a professional tax preparer or e-file your return on your own.

Plan for next year

Finally, use the tax season as an opportunity to plan for the future. Consider adjusting your tax withholding to avoid owing large sums at tax time or receiving large refunds.