Getting ready for the 2024 tax return season is important if we want to file our taxes accurately and get the most possible refund from the IRS. Here are some tips from the IRS, TurboTax, and H&R Block to help you get organized for your tax return.
First, make sure you have all your personal information on hand, including Social Security or ITIN numbers for everyone on your tax return, as well as your bank account and routing numbers for direct deposit.
Next, gather all the documents related to your income, such as W-2 forms from your employer, 1099 forms for unemployment benefits, retirement income, Social Security income, or stock dividends, and the 1095-A form for health insurance.
If you have dependents, be sure to have their information handy, including their Social Security cards, dates of birth, and income received. If they are children or small dependents, you’ll also need documents from their care center.
Carefully review your possible deductions, including the standard deduction and itemized deductions. Calculate your deductions carefully and see if you qualify for any tax credits, such as the Earned Income Tax Credit or the Child Tax Credit.
By following these tips and being prepared with all the necessary documents and records, you can make the 2024 tax return season go smoothly and maximize your refund from the IRS.
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