Navigating federal tax season can be tedious and time-consuming. Understanding updated laws and forms that affect your tax liability can be challenging. But using these tips might help ease tax-time stress.
Gather all receipts, forms, and other tax-related documents. Consider using either physical folders or e-files. Getting documents sorted early could significantly reduce stress when it's time to file taxes. While April 15 is the filing deadline for most taxpayers, check the federal tax calendar for other dates that may apply to your situation. Missing a filing deadline or payment could result in financial penalties.
Visit irs.gov to download the necessary forms to file your return. For example, you might need Form 1040 and, if you ran a business, a Schedule C as well. If you choose to have your refund direct deposited into your account, ensure you include the correct routing number and account number on your tax form.
Wescom Credit Union’s routing number is 322079353. Confirm personal account numbers in Online Banking or the mobile app.
Each year, the IRS updates laws that could affect your tax liability. These include changes to standard deductions, tax credits, and retirement contribution limits. For example, 401(k) contribution increases were announced in November 2023.
If you meet certain income thresholds, you might be eligible for free tax preparation services offered by the IRS Volunteer Income Tax Assistance (VITA) or AARP Foundation Tax-Aide programs. However, paying a certified public accountant or tax attorney might be worth the expense if you need assistance with a complex tax situation.
Be wary of fraudulent schemes during tax season. Scammers may impersonate IRS officials to steal Social Security numbers and other sensitive data. The IRS will never initiate contact with taxpayers via telephone, email, text messages, or social media channels to discuss tax-related matters.
For more information and resources, visit the IRS website or consult with a tax professional.
