Tax season prep tips you should know

Your Guide to State, Local, Federal, Estate + International Taxation

accounting basis, GAAPAre you ready for the next filing season? Here are a few helpful prep tips to get you equipped for the next tax season.

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  1. Be sure your tax documents & records are organized. Figure out a recordkeeping system that works for you. Keep all your tax documents and supporting statements in one place. This includes W-2’s, 1099s, 1095-A’s, 1098’s and any other personal reconciliations. Add new tax forms to the file when you get them and keep records for at least the previous 3 years.
  2. Ensure your employer, bank, payer, Social Security Administration, and tax preparer all have your current mailing address and email address to ensure no documents get lost in the mail. Also, if you have moved since filing your last return, including your current address on your next filed return will automatically notify the IRS of an address change. This way, no notices get lost in the mail.
  3. Do you have an ITIN (Individual Taxpayer Identification Number)? This is for taxpayers who don’t qualify for a Social Security number. If your ITIN expires in the current year, file your renewal application soon, so your ITIN can be renewed sooner which can help avoid refund delays. You can file a Form W-7 for your renewal application with the IRS. An ITIN assignment letter can take up to 7 weeks to receive back from the IRS, and even up to 9 to 11 weeks during filing season, so the sooner it’s filed, the better!

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4. Do you have direct deposit set up? Filing your return electronically is safe, accurate, and timely! The fastest way to receive your refund directly in your account is to combine e-filing with direct deposit. This way your check doesn’t get lost in the mail! This is also the same system that deposits most Social Security and Veterans Affairs benefits, so you know its safe! If you would like direct deposit, be sure to let your tax preparer know! Just make sure to have your routing & account number handy. In addition, to direct deposit, you can also choose to have an amount owed direct debited out of your account. Be sure to let your tax preparer how you want to take care of your refund or amount owed when the time comes.

As always, if you have any questions on the above, or about your taxes in general, consult your Henry+Horne tax advisor!


Christine Sanchez, MSA