First published at 04:00 UTC on November 19th, 2019.
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https://www.irs.gov/newsroom/taxpayers-can-take-steps-now-to-get-ready-to-file-their-taxes-in-2020
https://accountinginstruction.thinkific.com/
IRS Tax Tip 2019-161, November 18, 2019
There are steps people can take now to make sure their tax filing experience goes smoothly next year. First, they can visit the Get Ready page on IRS.gov to find out more.
Here are a few other things people can do now:
Check their withholding and make any adjustments soon
Since most employees typically only have a few pay dates left this year, checking their withholding soon is especially important. It's even more important for those who:
Received a smaller refund than expected after filing their 2018 taxes this year.
Owed an unexpected tax bill last year.
Experienced personal or financial changes that might change their tax liability.
Some people may owe an unexpected tax bill when they file their 2019 tax return next year. To avoid this kind of surprise, taxpayers should use the Tax Withholding Estimator to perform a quick paycheck or pension income checkup. Doing so helps them decide if they need to adjust their withholding or make estimated or additional tax payments now.
Gather documents
Everyone should come up with a recordkeeping system. Whether it's electronic or paper, they should use a system to keep all important information in one place. Having all needed documents on hand before they prepare their return helps them file a complete and accurate tax return. This includes:
Their 2018 tax return.
Forms W-2 from employers.
Forms 1099 from banks and other payers.
Forms 1095-A from the marketplace for those claiming the premium tax credit.
Confirm mailing and email addresses
To make sure these forms make it to the taxpayer on time, people should confirm now that each employer, bank and other payer has the taxpayer's current mailing address or email address. Typically, forms start arriving by mail or are available online in January.
People should keep copies of tax return..
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