As the year draws to a close, the IRS is urging individuals and businesses to get organized for the upcoming tax season. With just days left in 2024, now is the time to gather necessary documents and information to ensure a smooth filing process in 2025.
Key tips include:
* Collecting all relevant receipts, invoices, and bank statements
* Reviewing last year’s tax return to identify areas for improvement
* Taking advantage of tax credits and deductions available
* Considering hiring a tax professional if unsure about complex returns
By getting ahead of the game, individuals can avoid last-minute stress and ensure they receive their maximum refund. The IRS recommends starting early to stay on top of tax preparation and filing deadlines.
To prepare for 2025’s tax season, make sure to:
* File Form 4868 by April 15, 2025, if needed
* Keep records of charitable donations and medical expenses
* Stay informed about changes to tax laws and regulations
By following these tips, individuals can ensure a stress-free tax filing experience in 2025.
Source: https://www.yahoo.com/news/end-tax-prep-tips-235855791.html