Ready for tax season?
The Internal Revenue Service (IRS) is urging taxpayers to take steps now to make sure that all goes well in 2020.
So, what’s on the list towards a smooth tax filing season in 2020? Here’s what you can do now:
- Check your withholding and make adjustments. There are only a few weeks left in the year (five more to be exact), so it’s important to check your withholding now. You can use the Tax Withholding Estimator to perform a quick paycheck checkup. This can help you decide whether to adjust your withholding (via Form W-4) or make additional estimated tax payments.
- Organize your tax and financial documents. To avoid a last-minute scurry, keep your important information in one place. That should include last year’s tax return, forms W-2 and 1099 (those will likely be mailed out in January), and documentation to support deductions.
- Confirm mailing and email addresses. No, the IRS won’t contact you by mail, but your employer, bank and other payers may. Make sure that each has your current mailing address or email address so that you don’t miss any forms. If you need to update your address with the IRS, you can simply wait and enter your new address on your return when you file. If you want to do it earlier, complete a Form 8822, Change of Address, (For Individual, Gift, Estate, or Generation-Skipping Transfer Tax Returns) (downloads as a PDF).
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