YEAR END TAX TIPS 

Create or access your account information at IRS.gov/account
Use online account to securely access the latest information available about your federal tax account and see information from your most recently filed tax return. You can: 

  • View your tax owed, payments, and payment plans.
  • Make payments and apply for payment plans.
  • Access your tax records, receive transcript or digital IRS letters.
  • Sign power of attorney authorizations electronically from your tax professional.
  • Manage your communication preferences from the IRS.

Gather and organize your tax records
Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to delays that slow your refund and may also help you find overlooked deductions or credits.

Wait to file until you have your tax records including: 
  • Forms W-2 from your employer(s).
  • Form 1099-INT if you were paid interest.
  • Form 1099-DIV if received dividends income.
  • Form 1099-B from brokerage exchange stocks, bonds, other securities, barter.
  • Form 1099-Misc income from rentals, health, reward, other incomes.
  • Form 1099-NEC to report non-employee compensation—that is, pay from independent contractor jobs or any services provided is subject to social security tax.
  • Form 1099-S proceeds from real estate transactions.
  • Form K-1s pass through entities such as S corporation or LLCS or Trust.
  • Form 1099-R pension distribution.
  • Other income documents and records of digital asset transactions.
  • Form 1095-A, Health Insurance Marketplace Statement,
  • IRS or other agency letters.
  • CP01A Notice with your new Identity Protection PIN.
  • 1099-G-Unemployment income.
  • Income from the gig economy.
  • Digital assets-manuscripts, documents, data, cryptocurrencies, and more.
  • W-4G-Gambling winning.
  • Form 1099-K-Changes to 2023 and 2024-The $600 threshold for payment apps and online marketplaces to report payments on Form 1099-K is delayed for tax year 2023. The threshold for tax year 2023 will continue to be payments over $20,000 and 200 transactions, although taxpayers could still get forms reporting less than that amount. The IRS is planning a threshold of $5,000 for tax year 2024. Make sure to inform IRS your change of address with Form 8822 (individual)and 8822B (business), any change of address inform your employer or others to receive your year-end annual reports and prevent delays in receiving or losing mails.

Do not procrastinate-Collect tax information and documents timely, file your returns timely, reduce stress and agony of procrastinating, limit your statute of limitation period with timely tax returns, get refund sooner, reduce very high penalties and interests for non-filing or not paying dues on time. Make a habit of paying estimated taxes four quarters.