IRS Reminder: Steps to Take Now to Prepare for Tax Filing Season

Before the busy holiday season is upon us, the IRS has issued a reminder that now may be a smart time to begin planning for tax filing season. Because federal income taxes are typically paid throughout the year, taxpayers should evaluate whether the proper amount is being withheld from their paychecks. After any life change (marriage, divorce, the birth or adoption of a child or job change) should evaluate withholding and submit a new Form W-4 to their employer if necessary. Self-employed individuals should evaluate their quarterly estimated payments. Various tools are available on irs.gov to help taxpayers evaluate their tax position. The IRS encourages taxpayers to start organizing important documents now to avoid confusion during tax season. Records can include W-2s, 1099s, last year's tax returns, IRS notices and even records of transactions involving digital assets. For more information on federal income tax filing requirements, visit Tax Facts Online. Read More: Link to Q647.