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The IRS encourages you to “Get Ready” and start preparing now. Taking a few steps today can save time and help you ensure you’re filing accurate returns in the coming months.
The annual IRS Get Ready campaign is a series of tips, reminders, and new information for you on what you need to know in preparation for filing season. For example, the One, Big, Beautiful Bill brings several changes or additions that can significantly affect federal taxes, credits, and deductions. Tax deductions for tips, overtime, car loan interest, and seniors are just a few of the many recent updates.
Here are some of the things you can do now:
- Access or log in to an existing IRS online account
An IRS online account allows you to access personal tax information, including recently filed returns, securely. Through this tool, you can: - View tax records, including adjusted gross income and transcripts
- Make, schedule, and view payments
- Get or view your Identity Protection PIN
- Authorize a tax professional to access your tax records digitally
- Access available Forms W-2 and certain 1099s
- View and edit communication preferences from the IRS and alternative media such as Braille, large print, and more
- Receive and view over 200 IRS digital notices.
- Set up or change payment plans and check their balance
- Gather and organize tax records
Having organized tax records helps you file complete and accurate tax returns and avoid errors that could delay refunds. This may also help the taxpayer identify deductions or credits that may have been overlooked.
Most income is taxable, including unemployment compensation, refund interest, and income from the gig economy and digital assets. Be sure to watch for and gather essential forms, such as W2 and 1099 forms, when they become available.
If you are a business owner behind on bookkeeping and need help organizing your financial data, we can help. Reach out to us at 310-534-5577 or contact@abandp.com to find out more. My team and I are eager to assist you!
