Do these things now to speed up tax refund, IRS recommends
We don’t know what day the Internal Revenue Service will start accepting 2023 tax returns – it was Jan. 23, 2023 for 2022 returns – but there are some things people should start doing now, the tax agency recommends.
“A little advance work now can help people have the paperwork and information ready to file their tax returns quickly and accurately,” the IRS said in a statement.
Here’s what taxpayers should be doing now:
Create or access online account at IRS.gov/account. New users should have their photo identification ready. Having an online account can help during the 2024 filing season by letting people:
- View key data from the most recently filed tax return, including adjusted gross income.
- Get account transcripts.
- Sign a power of attorney and tax information authorizations.
- Receive notices electronically.
- Get email notifications for new account information or activity.
- Make and view payments.
- View, create or change payment plans.
- See the amount owed by year.
READ MORE: New standard deduction from IRS: How much is it and who is eligible?
Gather, organize and update tax records. This can help avoid errors that can slow down refunds and can help find overlooked deductions or tax credits. Taxpayers should gather W-2s, Wage and Tax Statement, Forms 1099-MISC, Miscellaneous Income and other documents.
Update information. Make sure you’ve notified the IRS of any address changes or let the Social Security Administration know about any legal name changes.
Make sure paychecks have enough tax withheld. Use the Tax Withholding Estimator to see if you’re having enough taxes withheld. But act quickly – time to affect 2023 tax withholdings is dwindling.
Set up direct deposit. Direct deposit is the fastest and safest way to get a tax refund, the IRS said. If the routing and account number cannot be located, taxpayers should contact their bank, financial institution or app provider.
Another reason to set up direct deposit… Taxpayers requesting a paper check are much more likely to report an issue getting their refund because of non-receipt, forgery, theft or checks returned for a bad address, compared to taxpayers using direct deposit.
Not sure how to get started? The IRS has online tools to help get taxpayers get the information they need.
READ MORE: New federal brackets for 2024: What tax rate will you pay on next year’s income?