Getting a head start on your 2024 federal tax return can simplify the process and help you maximize potential deductions and credits. Here's how to prepare early:
Create or Access Your IRS Online Account: Visit the IRS website to create or log into your IRS Online Account. This allows you to review historical tax records, request a personal identification number (PIN), and stay updated on any new tax information.
Gather Tax Records: Start collecting important documents, such as receipts, invoices, and other records necessary to claim deductions and credits. The sooner you have everything organized, the smoother the filing process will be.
Check Your Withholding: As a new earning year begins, use the IRS Tax Withholding Estimator to ensure your employer is withholding the correct amount from your paycheck. If adjustments are needed, you can submit an updated Form W-4 to your employer.
Proper planning can make tax season stress-free and ensure you maximize your return. Need expert help? Contact Verity CPAs at info@verity.cpa or call 808.546.5026 for personalized tax guidance.
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