As the April 15 deadline draws closer, the IRS is emphasizing a set of key tips to help you file fast, accurately, and stress-free to make sure you get the maximum refund possible.
Here’s a no-nonsense guide to getting it right:
1. Get Your Paperwork Together Early
Break out those W-2s, 1099s, and all those other forms related to deductions or credits like mortgage interest, tuition, and health care. Keep last year’s return handy, too; you may need it in order to verify this year’s electronic filing.
2. Review personal information
Your name, SSN, and birthdate should match exactly what is on your Social Security card. Errors on this page are the most common factors that cause delays in refunds.
3. File Electronically for a Faster Refund
File electronically using IRS Free File, Direct File, or tax software. It’s fast, accurate and secure. For a faster refund, choose direct deposit.
4. Report All Income (Yes, All of It)
It includes side gigs, freelance work, interest, dividends, crypto earnings, and unemployment. Missing income may increase penalties.
5. Answer the digital asset question honestly.
Even if you didn’t trade cryptocurrency, you still must answer either “Yes” or “No” to the question about digital assets. If you did do some cryptocurrency transactions, report them.
6. Use the Right Routing and Account Numbers
Double-check bank information for direct deposit; wrong numbers mean delayed refunds or misdirected payments. Several apps and prepaid cards will also work.
7. Don’t Forget to Sign
If filing jointly, both spouses must sign. Filing online? Use your prior year’s adjusted gross income (AGI) to verify.
8. Make a Payment by April 15 If You Owe
Pay online through IRS Direct Pay, your online account, EFTPS, or by card. Even if you’re filing for an extension, the payment is due on time.
9. Request an Extension
If You Need More Time Can’t file by April 15? You can file Form 4868 or make a payment and check the “extension” box. You’ll have until Oct. 15 to file, but you must pay now.
10. Save a Copy of Everything
Keep a copy of your signed return and all supporting documents either on paper or electronically.
You will need it if you amend your return or apply for loans. For more information, get forms, or to file for free, visit IRS.gov.
