Preparation today paves the way for a worry-free tax filing experience in 2025
By David Nosnik, CPA
As the 2025 tax season approaches, the Internal Revenue Service (IRS) is encouraging taxpayers to take proactive steps now to ensure a smooth filing experience. Through its “Get Ready” campaign, the IRS highlights the importance of online tools and preparation to simplify the process.
Start Preparing Today
By organizing your records, adjusting your withholding, and exploring IRS tools and resources, you can reduce stress and ensure a more efficient tax season. Taking these steps now will help you manage your tax obligations effectively and maximize your refund potential.
Here’s what you need to know to make tax season easier and more efficient.
Use the IRS Online Account The IRS Online Account is a secure and versatile tool for managing your tax-related information. By creating or accessing your account, you can:
- View key details from your most recent tax return, including your adjusted gross income.
- Request an Identity Protection PIN for added security.
- Access account transcripts, such as wage and income records.
- Electronically sign forms, like powers of attorney or tax information authorizations.
- Manage language preferences or request alternative media formats, such as braille or large print.
- Receive and view over 200 types of IRS electronic notices.
- Make, view, or cancel payments and set up payment plans.
- Check account balances and make adjustments as needed.
Organize Your Tax Documents Having your tax records organized helps you file an accurate return, avoid errors, and identify potential deductions or credits.
Key tasks include:
1.Gathering income documents: Collect Forms W-2, Wage and Tax Statements, and other income records. Remember, most income is taxable, including unemployment benefits, refund interest, and earnings from the gig economy or digital assets.
2.Updating personal information: Notify the IRS if you’ve changed your address and the Social Security Administration if you’ve had a legal name change.
Check and Adjust Tax Withholding Using the IRS Tax Withholding Estimator on IRS.gov can help you determine if you’re withholding the right amount of tax from your paycheck. This is especially useful if you:
- Owed taxes or received a large refund last year.
- Experienced major life changes, such as marriage, divorce, or the birth or adoption of a child.
To adjust your withholding, submit a new Form W-4, Employee’s Withholding Certificate, to your employer. Since the year is ending soon, act quickly to make necessary changes before 2024 concludes.
Opt for Direct Deposit Direct deposit is the fastest, safest, and most convenient way to receive your tax refund. By providing your routing and account numbers, you can direct your refund to a bank account, banking app, or reloadable debit card.
Need help getting ready for the 2025 tac season? We’re here to help! Schedule a complimentary consultation with David at [https://www.nosnik.com/contact/]. Let’s discuss your specific needs and explore potential solutions.