The new year begins and everyone has new goals and new challenges. Remember to include in your to-do list for 2023: Preparation of taxes.
We all will be wishing that the IRS sends us a refund as quickly as possible. To avoid fines, loss of money, and delays in refunds, prepare yourself properly with these tips:
1. Do not send your declaration if you have not received all the required documents:
The IRS warns that one of the most common mistakes is to submit the tax return prematurely if the person has not received all the necessary documents. What documents or forms you need when preparing your return will depend in part on the type of income you received during 2022, your civil status, or other considerations. Some documents that they should have are the W-2 form that employers provide to the different 1099 forms in which income such as aid is recorded for unemployment.
2. Check Social Security numbers and names:
This advice sounds obvious, but we know of cases where a digit of the SS has been misspelled, or an incomplete name was written. This is a serious mistake. Check that all social security numbers required are typed correctly, and also all names are completed and well-written.
3. All your income must be declared to the IRS
It is important that you make a list of all income you received last year: salaries, dividends if you have shares in the stock market, interest for any bank account or financial instruments, and income from social networks.
4. Be careful when placing your civil status
It is important to choose the right civil in order to determine what forms or documents you need, what deductions apply, and to what credits you may be eligible, among other points. If you need help determining the filing status that should go on your return, the IRS has an interview-type tool for it. You will need to know the following: your marital status and, if applicable, the date of death of your spouse; and what percentage is spent by each member of your household on its proper maintenance.
5. Make sure which credits or deductions apply to your case
Some credits may be the Earned Income Tax Credit, Credit Child Tax, or the Child or Dependent Care Credit. Your accountant will be able to help you better with this point.
6. If you ask for a direct deposit, check these numbers
There are two that must be correct: the routing number of your bank and the number of your bank account. Remember that the IRS sends refunds more quickly to those requesting a direct deposit. “It’s the quickest way for taxpayers to have your money,” emphasizes the agency.
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