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8 Tips to Prepare for Tax Season

8 Tips to Prepare for Tax Season


Tax season can bring questions about forms, deadlines, deductions, and eligibility. A little preparation can help you avoid common mistakes, reduce stress, and make sure you claim the tax benefits you're eligible for. 

 

Use these eight tips to prepare for tax season. 

 

1.  Tax credits and take eligible deductions. 

Review the tax credits and deductions you may qualify for based on your circumstances, including dependent-related benefits, charitable gifts, and investment losses. Keep records of eligible expenses and supporting documents to help you complete your return accurately. 

 

2. Understand military-related tax provisions. 

Service members and families may qualify for special rules related to combat-zone service, official extended duty, reserve travel, permanent change of station moves, and other circumstances. Verify eligibility before filing. 

 

3. Organize important records. 

Keep tax documents organized throughout the year. Retain W-2s, 1099s, receipts, mileage logs, donation acknowledgments, and records for investments or digital assets. A simple folder or secure digital system can prevent a last-minute scramble to locate needed information. 

 

4. Do not submit incorrect information. 

Check names, Social Security numbers, bank account details, and other information on your return. Electronic filing can help identify some common errors but review your return carefully before filing. 

 

5. Meet all the deadlines. 

Know when your return and any tax payments are due. But filing too early may mean missing required documents, and filing late can result in penalties and interest if you owe taxes. Request an extension when appropriate, but keep in mind that an extension to file is not necessarily an extension to pay. 

 

6. Correct errors from previous years if needed. 

If you discover a mistake on a previously filed return, check whether you need to submit an amended return. Keep copies of your original return, supporting documents, and any corrections. 

 

7. Plan ahead for next tax season. 

Review your tax withholding, retirement contributions, and anticipated life changes throughout the year. Early planning can reduce surprises and improve eligibility for available benefits. 

 

8. Seek assistance. 

Use reputable no-cost resources, including Military OneSource MilTax, IRS E-file, and installation Personal Financial Management Program staff. For complex situations, consult a qualified tax professional. 

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