By Brandon Champion
mlive.com
(TNS)
The Internal Revenue Service has some guidance for Americans.
In a memo released in late November, the agency encouraged taxpayers to take steps now to prepare for the upcoming filing season.
“A little advance work preparing paperwork and organizing information now can help with filing tax returns quickly and accurately,” a news release said. “Having organized tax records helps taxpayers file complete and accurate tax returns and avoid errors that could delay refunds.”
The IRS says planning early is extra important this year because of major changes, such as the One Big Beautiful Bill Act, which can significantly affect federal taxes, credits and deductions.
“The IRS and Treasury are working to implement the new legislation, including providing information on the new tax deductions, such as no tax on tips, no tax on overtime, no tax on car loan interest, the new temporary deduction for seniors and others,” the notice said.
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Additionally, how taxpayers receive their returns may look a little different this year as the IRS is phasing out paper refund checks in late 2025. Most refunds will arrive via direct deposit.
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Returns are due by April 15, but taxpayers should wait to file until they have received all their tax records.
Here is a closer look at things taxpayers can do to be prepared:
- Create or log in to your IRS online account to view prior filings, track payments and access tax transcripts.
- Review any changes such as a new job, marriage, children or home purchase that might affect deductions, withholding or credits.
- Set up direct deposit or confirm your account information.
- Consider using e-filing or trusted tax software or professionals once forms are ready to speed refund processing and reduce errors.
- Keep organized records of deductions, receipts, charitable donations, education or medical expenses and other documentation that supports credits and deductions.
- Collect bank account information, W-2 from your employer(s), 1099 from banks and other payers and records of digital asset transactions.
Photo credit: Westy72/iStock
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