Tax Tips

If you don’t receive your W-2 or 1099 by January 31 of the year, you are filing taxes, or if the information on these forms is incorrect, contact your employer/payer. If you still haven’t received the forms you need by the end of February, you can contact the IRS at 800-829-1040, and they may be able to help.

When you contact the IRS, they will also reach out to the employer/payer for the information you need, and they will also send you Form 4852, a substitute for a W-2 or 1099. To do this, they will ask for your employer/payer’s name, address, and phone number (as well as your information).

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS¹¹

Footnotes and Sources

11. ^{IRS.gov, April 3, 2024}

If you file your taxes using itemized deductions, you may be able to deduct medical and dental expenses for yourself, your spouse, and your dependents. According to the IRS, you may deduct only the total medical expenses exceeding 7.5% of your adjusted gross income.

Some types of medical care expenses that may be deductible include:

• Payments for the diagnosis, cure, treatment, and prevention of a disease
• Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners
• Paying for inpatient hospital care or nursing home care
• Fees associated with inpatient treatment for alcohol or drug addiction
• Payments to participate in a weight-loss program for a specific disease diagnosed by a doctor (such as obesity)

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

9. ^{IRS.gov, September 26, 2024}

When was the last time you checked your tax withholding? Having the correct amount of tax withheld from your wages is part of managing your taxes. The amount you withhold depends on your income, the number of children you claim on your return, and more.

The IRS has a helpful tool on their site called their Tax Withholding Estimator that can help you know if you have too much or too little tax withheld from your wages. Before using the tool, have all your paperwork handy, including your W2, 1099, 1095-A, and 1099-NEC, and any other forms to determine how much your income is taxable.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

9. ^{IRS.gov, January 30, 2024}

Want to receive your tax return quickly? The IRS recommends filing your return online and providing your direct deposit information. In addition to receiving your refund quicker, using direct deposit has a few other benefits.

Direct deposit is also fast, secure, and accessible. You must provide your bank account and routing number to sign up for direct deposit. Taxpayers should have this information available when ready to file because the IRS can’t accept it after filing a return.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁷

Footnotes and Sources

7. ^{IRS.gov, April 11, 2024}

Taxpayers whose adjusted gross income is $79,000 or less may be able to file their federal taxes for free using IRS Free File and do their state taxes at no charge through the same service. More than 20 states have a Free File program similar to the federal service.

IRS Free File partners also feature several helpful online products. Through Free File, taxpayers can choose the Free File option, guided tax preparation, or Free File Fillable Forms. Make sure to filter for the free options because some additional services may have a charge.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

9. ^{IRS.gov, August 20, 2024}

Ghost preparers don’t sign the tax returns they prepare, which is unethical and illegal. All paid preparers must sign and include their Preparer Tax Identification Number (PTIN) on the return, and if they don’t, this is a big red flag. These preparers might also promise unrealistic refunds or charge fees based on the size of the refund.

The IRS also has a page on IRS.gov dedicated to helping taxpayers choose a reputable tax professional and a Directory of Federal Tax Return Preparers with Credentials and Select Qualifications.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS¹¹

Footnotes and Sources

11. ^{IRS.gov, February 23, 2024}

 

With millions of people receiving unemployment, it’s no surprise that scammers are taking advantage of this situation and filing fraudulent claims for unemployment compensation. They do this by using stolen personal information of taxpayers who haven’t filed unemployment claims.

If you filed for unemployment and received an incorrect Form 1099-G, contact the issuing agency to request a revised form. When filing your federal tax return, you can also contact the IRS and request an identity protection PIN to protect your identity. Educate yourself on the many signs of identity theft and take the proper steps to help protect yourself.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁷

Footnotes and Sources

^{7. IRS.gov, December 28, 2023}

The Internal Revenue Service (IRS) offers several online resources for military members and their families. Some of these resources include:

• IRS Free File. This program offers online tax preparation, electronic filing, and direct deposit of refunds. There is no charge.
• Members of the military and their families with incomes below $72,000 can choose from any of the Free File tax software companies the IRS has compiled.
• Free File Fillable Forms are available for those with income above $72,000.
• Free File can help taxpayers determine their earned income tax credit, child and dependent care credit, and Recovery Rebate Credit.
• Miltax is another free tax resource available for the military community offered through the Department of Defense.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁷

Footnotes and Sources

7. ^{IRS.gov, June 10, 2024}

A phishing scam occurs when someone pretends to be a trusted source, such as a bank, tax preparer, or credit card company, to access your personal information.

If you believe you may be part of a phishing scam, here are some recommendations from the IRS:

• Never open an email from a sender that you don’t recognize.
• Never disclose personal information to anyone online, including your passwords, bank account numbers, credit card numbers, or Social Security number. The IRS will never ask for this information via email.
• When possible, use two-factor authentication to protect your accounts. Two-factor authentication requires a secondary form of identification (such as a phone number) to access your account.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

9. ^{IRS.gov, July 29, 2024}

There are a few tax considerations to consider when you work for yourself. Generally, you’re required to file and pay estimated taxes during the year.

• Make quarterly payments if you’ve determined you need to use Form 11040-ES.
• Filing annually: If you’re filing annually, you must use Schedule C to report income or loss. To file your Social Security and Medicare taxes, you should file Schedule SE Form 1040.
• Deductions: If you’re using part of your home for business, you may be able to make certain deductions, such as for your office or a portion of your home’s square footage used for business purposes.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS¹⁰

Footnotes and Sources

10. ^{IRS.gov, September 30, 2024}