The Club PUBlication 03/04/2024

Don’t let tax stress take over this year
ADRIANA MORGA

Tax season has begun and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that's often left to the last minute.

Whether you do your taxes yourself, go to a tax clinic or hire a professional, the first step is to get organized. Navigating the tax system can be complicated and stressful.

"Take a breath. Take some time, set out an hour, or go through it over the weekend.

You'll hopefully see that it's a lot simpler than you think," said Courtney Alev of Credit Karma.

First off, the deadline is April 15 to submit returns from 2023.
What do I need?

Required documents vary, but for sure you'll need your Social Security number; W-2 forms if you are employed, 1099-G if you are unemployed or 1099 if you are selfemployed; savings and investment records; and evidence of any deductions like educational or medical expenses or charitable donations.

Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all of your documents in one place before you start your tax return and also having your documents from last year if your financial situation has drastically changed.

O'Saben also recommends taxpayers create an identity protection PIN number with the IRS to guard against identity theft. Once you create a number, the IRS will require it to file your tax return.
Are resources available?

For those who make $79,000 or less per year, the IRS offers free guided tax preparation that does the math for you.

If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool that can provide answers based on your information.

Beyond the popular companies such as TurboTax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers a directory of tax preparers across the United States.

The IRS also funds two types of programs that offer free tax help. People who earn $64,000 or less a year, have disabilities or are limited English speakers, qualify for the VITA program.

Those who are 60 or older, qualify for the Tax Counseling for the Elderly program (TCE).

How can I avoid scams?

Tax season is prime time for tax scams, said O'Saben. These scams can come via phone, text, email and social media.

The IRS uses none of those means to contact taxpayers.

Sometimes scams are even operated by tax preparers so it's important to ask lots of questions. If you can't see what your tax preparer is working on, get a copy of the tax return and ask questions.
Morga writes for the Associated Press.