Preparing for 2022 Tax Season

Created On: November 18, 2021

2022 Tax season is scheduled to begin in January 2022 and will be concluded on April 15, 2022. Tax Payers tend to stress out when the tax season approaches. It is good to start early to take care of your taxes rather than procrastinating till it’s too late. Tax preparers will get very busy as the tax deadline gets near. Since last year a lot has changed and the covid outbreak has made a huge impact on everyone. The taxpayers have to be aware of various factors like advance child tax credits, unemployment benefits, and working remotely in different states. This makes this year’s tax season much more complicated. Planning your taxes early will help you to file an accurate report and avoid processing delays of tax refunds.

Here are a few tips that might help you file your taxes.

• Keeping track of all the necessary information for tax returns

You need to keep track of all the necessary information or life events that might affect your tax returns. This includes getting married, going back to school, having a child, starting a new business, or even living through a natural disaster. Gather and organize all the records and notify the IRS and social security administration if there are any changes in your name or address. This will make it easier to file your returns accurately. Learn and sort out what might change your tax returns or talk to your tax professional

• Check which forms do you need to file your taxes.

Make sure you are using the correct form that you are eligible to file.

1. Forms W-2 from employers
2. Form 1040: Individual income tax
3. Forms 1099: banks, issuing agencies, unemployment compensation, dividends, distributions from a pension, annuity, or retirement plan
4. Form 1099-K, 1099-MISC, W-2, or other income statements for self-employed workers.
5. Form 1099-INT for individual who receives interest.
6. More forms

• Make sure you withheld enough taxes.

Make adjustments to your withholdings if you owed or received huge tax refunds last year. You might have to file a new W-4 if you had any financial or life changes, like getting married or getting a second job, etc.

• Renew ITIN if expired.

Check whether if your Individual Taxpayer Identification Number is valid before you file your taxes. Submit a renewal application if it is expired.

• Speed your refunds by opting for direct deposits

Direct deposits help individuals to get refunds much faster than paper checks.

Waiting till the deadline to file your taxes might not be a good idea. Get started early and outsource your tax preparation needs to Agile e-Platform. Our professional tax accountants will help you file your tax returns and get you maximum benefits. Contact us to get started.