Latest Newsletter Edition
Tips for Filing an Accurate Return
The first step toward completing an accurate return and claiming every deduction and credit that you are entitled to is assembling critical records and documents. These include:
- Earnings statements like W-2s, 1099s and/or 1098s
- Social Security or other taxpayer ID numbers for all people listed on your return
- Any IRS letters you received in 2022 about deduction or credit amounts, adjustments made to your past tax returns, etc.
- Form 1095-A (Health Insurance Marketplace Statement), if you claim the Affordable Care Act Premium Tax Credit
- Form 1098-T (Tuition Statement), if you claim education expense credits or deductions
To avoid processing delays and potential IRS penalties, taxpayers must report all forms of potentially taxable income. In addition to wages or a salary that you receive as an employee, make sure to accurately report any income you had from:
- Business activities, including selling goods online, independent contract work, side gigs or other forms of self-employment
- Interest, dividends, gains from digital assets (cryptocurrency, non-fungible tokens, stablecoins) transactions or other investment returns
- Seasonal or other temporary or part-time work
- Prizes, awards, bonuses or gambling winnings
In addition, having your bank account and routing numbers handy will enable you to request your refund by direct deposit.