Start your engines! The IRS opened the 2024 tax filing season in late January, and the deadline for filing your tax return and paying any tax liability is April 15th. While no one looks forward to preparing to file a tax return, there are ways to make the process more efficient and less stressful.
The IRS Has Provided a Helpful Tax Preparation Checklist
The checklist that the IRS shared regarding filing your 2023 return still applies to your 2024 return, and it’s a good starting point for developing your low-stress filing plan.
- Gather tax-relevant paper and electronic records and information – This includes tax forms such as W-2s and 1099s and social security numbers for everyone listed on the tax return, as well as your bank account number and bank routing number. If there is a chance you will itemize deductions rather than take the standard deduction, you should gather receipts for donations, medical expenses, and any other deductible items.
- Report all types of income – Besides your full-time job, do you also craft cutting boards that sell you online, or do you have investment income? Gather the records that document that income.
- File electronically and choose the direct deposit option – This is the fastest way to get your refund.
- Use the free resources the IRS makes available online – The right option for you will depend on your income; for example, IRS Free File is an online filing option for individuals or families who earned $79,000 or less in 2024.
- Choose the filing option that is best for your circumstances – Whether you choose to personally file your tax return, use an online service, or hire a tax professional will depend on how complicated your return is and the level of assistance you need with preparing a return.
- Use the online IRS resources available 24 hours a day – Taxpayers can access a wide range of IRS tools online, from answers to tax questions to interactive tools for preparing their returns. And on YouTube, IRSvideos has videos on tax tips and more.
If you have a question about your taxes, contact the experts at Highland Tax Resolution. We help taxpayers understand the best way to respond to the IRS. We explain all your options and the benefits of each, and we keep our clients updated with regular communication.