Prepare for Tax Season

The Internal Revenue Service is helping taxpayers prepare for tax season by encouraging them to explore IRS.gov for guidance, tools, and resources to assist them in preparing for the filing of their 2023 federal income tax return.

The Get Ready page on IRS.gov outlines proactive steps taxpayers can take now to streamline the filing process in 2024. Later this month, the IRS plans to announce the start date for the 2024 filing season when it will commence accepting tax returns.

Interactive Tax Assistant

The Interactive Tax Assistant, accessible on IRS.gov, is a helpful tool for addressing various tax law inquiries, including:

• Determining who needs to file a tax return
• Identifying the most suitable filing status
• Establishing eligibility to claim dependents
• Ascertaining eligibility for tax credits or deductions

Earned Income Tax Credit Assistant

The Earned Income Tax Credit (EITC) aids low- to moderate-income workers and families by providing a tax break. The EITC Assistant on IRS.gov helps taxpayers determine:

• Eligibility to claim EITC
• Qualification for any dependent children or relatives
• The estimated amount of their credit
• The recommended filing status

‘Where’s My Refund?’

Most refunds are processed in under 21 calendar days. Taxpayers can use “Where’s My Refund?” to check the status of their 2023 income tax refund within 24 hours of e-filing. Refund information is typically available after four weeks for those who filed a paper return. Updates on “Where’s My Refund?” occur overnight, eliminating the need for multiple daily checks.

IRS Individual Online Account

Taxpayers with a Social Security number or an Individual Taxpayer Identification Number can establish or access their IRS Individual Online Account to obtain necessary information for filing their return.

With an IRS Individual Online Account, individuals can:

• View balance owed, payment history, and schedule payments.
• Cancel scheduled payments (new feature for 2024).
• Access transcripts.
• View or create payment plans.
• Review digital copies of some IRS notices.
• Access key data from their most recently filed tax return, including adjusted gross income.
• Validate bank accounts and save multiple accounts, eliminating the need for repeated entry of bank account information for payments.
• Review, approve, and electronically sign power of attorney and tax information authorizations from their tax professional.

Identity Protection PIN

An Identity Protection (IP) PIN, a six-digit number, prevents unauthorized filing of a tax return using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. The IP PIN is known only to the taxpayer and the IRS, aiding in identity verification during electronic or paper tax return filings.

The fastest way to obtain an IP PIN is to use the online Get an IP PIN tool, available from Jan. 8 through mid-November. Taxpayers seeking an IP PIN, who do not already have an Individual Online Account on IRS.gov, must register to confirm their identity.

Filing Options on IRS.gov

Taxpayers are encouraged to start their tax filing journey at IRS.gov for various options to file their 2023 federal income tax return.

• IRS Free File: Almost everyone can electronically file for free using IRS Free File. Those comfortable with preparing their own taxes can use IRS Free File Fillable Forms, regardless of income, to file online or by mail.
• Volunteer Income Tax Assistance/Tax Counseling for the Elderly: Taxpayers can locate organizations in their community with IRS-certified volunteers providing free tax assistance to eligible taxpayers, including working families, the elderly, the disabled, and those with limited English proficiency.
• MilTax: A Department of Defense program, MilTax typically offers free return preparation and electronic filing software for federal income tax returns and up to three state income tax returns for all military members and some veterans, with no income limit.
• Direct File Pilot: The IRS is piloting a new tax filing service called Direct File during the upcoming filing season. Eligible taxpayers have a new option to file their 2023 federal tax returns online for free directly with the IRS. Find more information on Direct File, including pilot eligibility, scope, and participating states.
• Authorized E-file Provider: Tax professionals accepted by the IRS electronic filing program are authorized IRS e-file providers qualified to prepare, transmit, and process e-filed returns.

While most tax return preparers offer outstanding and professional tax service, selecting the wrong preparer can have financial consequences. Taxpayers are advised to consult tips for choosing a tax preparer and learn how to avoid unethical “ghost” return preparers. The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can assist in making informed choices.

At Anderson, Adkins & Company, we understand that tax preparation can be a daunting task for many individuals and businesses. Our dedicated team of experienced professionals is committed to making the process seamless and stress-free for our clients. With a wealth of knowledge in tax laws and regulations, we provide personalized guidance to optimize your financial situation, while ensuring compliance and maximizing your financial well-being. Reach out to us today to get started: 706.288.2000 // .