As the nation’s tax season approaches, the Internal Revenue Service (IRS) has issued a series of reminders to help taxpayers prepare for filing their 2023 federal tax returns. These ‘Get Ready’ reminders offer steps that individuals can take now to ensure a smooth and accurate filing process in early 2024.
The IRS encourages taxpayers to utilize its Online Account services at IRS.gov/account to access a variety of useful information for the upcoming tax season. The online account allows users to view key data from their most recent tax return, including adjusted gross income, receive electronic notices, make and view payments, create or change payment plans, and sign power of attorney and tax information authorizations.
Organizing and updating tax records is also crucial for a complete and accurate tax return. This not only helps avoid errors that can slow down refunds but may also help discover overlooked deductions or tax credits. Taxpayers are urged to gather all necessary forms, such as W-2 and 1099-MISC, and other income documents before filing their return.
The IRS also reminds individuals to notify it of any address changes and to inform the Social Security Administration of any legal name changes as soon as possible.
To ensure paychecks have enough tax withheld, taxpayers can use the Tax Withholding Estimator tool on IRS.gov. This tool is particularly helpful for those who have had life changes or events such as getting married or divorced, welcoming a child, taking on a second job, or managing self-employment income. However, adjustments for 2023 tax withholding need to be made quickly, as only a few pay periods remain in the year.
Direct deposit is recommended as the fastest and safest way to receive a tax refund. Taxpayers can make direct deposits to bank accounts, banking apps, and reloadable debit cards, but will need to provide the routing and account information associated with the account.
Those without a bank account can learn how to open an account at an FDIC-Insured bank or with a credit union through the National Credit Union Locator tool.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.