Tax season stress busters
Even the IRS knows that tax season can be stress season for some people.
The IRS wants to help taxpayers as much as possible. With the 2020 tax season here, taxpayers can keep in mind these tips. Following them will help get this year’s taxes done accurately and on time.
Gather records. Good record-keeping ensures nothing gets overlooked. Records such as
receipts and cancelled checks can provide proof of expenses.
File electronically. Most taxpayers file electronically these days for its ease and convenience. The tax software uses the taxpayer’s responses to complete the Form 1040 and any needed schedules. For taxpayers who filed paper returns in the past, this may be the year to consider the benefits of filing electronically.
Choose direct deposit. The fastest and safest way to a refund is to file electronically and choose direct deposit. The IRS issues most refunds in less than 21 days.
Report all income. Taxpayers must report all the income from Forms W-2, Wage and Tax Statements, and Forms 1099. Other income may be reportable as well, even if the taxpayer does not receive a statement.
Avoid errors. Taxpayers should take extra time to review their tax return so they file accurately the first time. Filing electronically is the most accurate way to eliminate many common errors. Paper return filers should check all names and double check all Social Security numbers. They should also be sure to sign the tax return.
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