Even though it’s only November, it’s never too early to start thinking about your
2020 taxes in April. There are a few things you can do to prepare early, including:
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• Doing a paycheck checkup. We’ve recently talked about the importance of making sure your withholding status is correct, and if you haven’t already done so, now’s the time.
• Gathering your documents. You’ll need your W-2 and Form 1099 from any other payer (and if you’re self-employed).
• Confirming that your employer and bank have the accurate addresses. You should start to receive tax documentation in January.
• Setting up an e-Filing profile and signing up for direct deposit for a faster refund.
Remember, even though the filing deadline is April 15, you can always file your taxes before then as soon as you have all your documentation. The sooner you file, the sooner you will receive your tax refund. How early do you plan for the next year’s filing?
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[7]
