Get your calculators ready — tax season officially starts on January 27, 2020, according to the IRS.
We’ll be sending W-2s directly to employee homes for our clients no later than January 31, 2020. Here’s how you can get a headstart on the upcoming tax season.
Tax filing can be a tedious task, but with a little organizing, you can make it easy after getting your W-2. Take a look at last year’s tax return and make a note of any forms or technology you used to file. You’ll want to gather those receipts if you plan to claim deductions for charitable donations, business expenses, or medical expenses.
Be sure to have dependent info with the rest of your tax documents if you have any and, if you’ve moved recently, double-check that Nextep or your employer has your current address for prompt W-2 arrival. If you have the option, take advantage of an electronic copy of your W-2 — you’ll be able to get started on tax filing as soon as your W-2 is ready instead of waiting on a paper copy.
Review Your Withholding
Employers withhold a specified amount of federal and/or state income tax from your pay based on how you completed your W-4. Use the IRS tax withholding calculator to get an estimate of your income tax return this year. In addition to checking your last paystub, you can take a look at your tax withholding to prep for tax filing.
Decide How You’ll File
You have options for how you file your taxes. One popular tax filing option is using a tax software service to make electronic filing easy and cost-effective. The IRS offers a Free File tool to help you find free tax software if you earn $66,000 or less per year.
Paper filing is a great option if your tax return will be fairly simple. Use the IRS Forms and Publications to download tax forms you might need.
If you opt-out of self-service or have more complicated tax situations, such as a self-employed spouse, you can have your income tax return prepared by a professional for a fee. Professional tax preparers can help make sense of your tax return and even find deductions or tax credits you might not have received or known about when preparing your own.
The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. Take a look at the IRS FAQs to get more info about tax filing. While Nextep cannot provide personal tax advice, we’re here to help if you have questions about the W-2. Contact us online or call us at 888-811-5150.