As the year ends and tax filing season approaches, every taxpayer wants a speedy filing process and a quick refund. And while you cannot prevent all delays by the IRS or your state agency, you can do a few things to help make sure you don't experience unnecessary delays. Here are 4 top ways to do just that:
Get Your PIN Letter. With more and more taxpayers suffering from actual or potential identity theft or fraudulent tax filings, it's increasingly likely that you'll find yourself receiving a PIN number with which to file your tax forms. If you received any notices or numbers in prior years, be on the lookout for your PIN letter from the IRS. If it's applicable, you cannot file without this number, and you cannot use last year's number unless directed to by the IRS.
Track Income and Expenses. If you have any income that doesn't come from a W-2--such as rental income or self-employment--make sure you're tracking it with your own records throughout the year. The same goes for any expenses. It's a good idea to work with your tax prep service even before the end of the year to ensure you have all your numbers together and are ready to go.
Follow Up on W-2s and Forms 1099. If you earned money from more than one source, make a list of companies that should be sending you either Form W-2 (as an employee) or Form 1099 (as an independent contractor) so you can make sure you get them all in a timely manner. Generally, these forms must be made available or mailed by January 31, so don't wait too long to follow up on missing documents. Again, you will need all your sources of income in order to file taxes, so stay on top of old employers.
Change Your Address. If you moved after filing taxes last year, it's a good idea to change your address with the IRS now. The IRS always initiates contact--including sending PIN letters--through the mail, so having an old address on file could cause delays in receiving vital information. You can change your address using Form 8822 or in person. In addition, you should update your address with any old employers before the end of the year. Waiting too long can cause delays in getting a copy of forms that were mailed to the wrong place.
Taking some time before the end of the year to make sure you have your documents in order is the best way to help yourself by ensuring the smoothest possible filing season and a quick refund. Check out a website like http://www.tri-check.biz for more information and assistance.
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