7 Tips to Take the Stress out of Tax Season

Every filing season comes with its own set of challenges and this year is no different. The IRS wants taxpayers get the information they need as quickly as possible. Taxpayers can keep in mind these tips when they get ready to file, to help get this year’s taxes done accurately and refunds issued timely.

1. Gather records. Good recordkeeping makes preparing a tax return easier. It can also ensure taxpayers do not overlook deductions and credits. Records needed include all W-2’s and 1099’s issued to the taxpayer for the year, record of any child care expenses, as well as any other tax documents received for the year.
2. Choose a reputable preparer. Taxpayers can self-prepare or use a tax preparer. IRS.gov has resources to help people choose a tax pro. The IRS Directory of Federal Tax Return Preparers provides information on who has a professional credential or participates in the IRS Annual Filing Season Program. Don’t forget that we offer free, no-pressure consultations at Wateree — contact us today!
3. Schedule your appointment with your tax pro well ahead of time!
4. Choose direct deposit. Filing electronically and choosing direct deposit is the safest and easiest way to file an accurate tax return and the fastest way to get a refund.  
5. Report all income. Taxpayers must report their income from all sources, including the gig economy, Forms W-2, Wage and Tax Statements, and Forms 1099. Other income may be reportable as well, even if the taxpayer does not receive a statement.
6. Report unemployment benefits. Taxpayers who received unemployment benefits in 2021 must report the amount received as taxable income on their tax return.
7. Use online tools. IRS.gov has many useful online tools. The Interactive Tax Assistant provides answers to many tax questions specific to an individual’s circumstances. It gives the same answers that an IRS representative would give over the phone.

We are here to make this tax season as painless as possible. Contact us today to see if Wateree is the right fit for your tax needs!