April 15th is just around the corner. Before the rush begins it is helpful to start preparing now. 

Thankfully the IRS has compiled a list of actions you can start today so that you are well prepared.

• Check withholding – Since federal taxes operate on a pay-as-you-go basis, you need to pay most of your tax during the year as you earn income. It’s a good idea for everyone to do a Paycheck Checkup to make sure you’re not having too little withheld, which could lead to a smaller than expected refund or even a tax bill.
• Organize tax records  – Develop a record keeping system – electronic or paper – that keeps your important info together.
• Identify filing and dependent status –  Your filing status is used to determine filing requirements, standard deduction, eligibility for certain credits, and the correct tax.
• Locate needed information and documents – These include social security cards, birth dates, wage and earning statements, interest and dividend statements from banks, a copy of last year’s federal and state returns, bank account routing and account numbers for direct deposit, the total paid for daycare expenses and the daycare provider’s tax number, Form 1095-A, Health Insurance Marketplace Statement.

Visit www.irs.gov to help in planning for the upcoming tax season.