How to Get Ready for Tax Season: A Guide for Individuals
Tax season is here, and it’s the perfect time to start getting organized. Filing your taxes doesn’t have to be stressful—especially when you know what to prepare ahead of time. At JR Chance Accounting and Tax Service, we’re here to help individuals navigate the tax process with ease.
Here’s a simple guide to help you get started:
1. Gather Your Income Documents
The first step is to collect all the forms and records that show your income for the year. These might include:
W-2s from employers.
1099 forms for freelance work, interest, or other income sources.
Unemployment income forms (if applicable).
Social Security statements if you received benefits.
Having these forms in one place will save you time and headaches later.
2. Organize Deductions and Credits
Tax deductions and credits can significantly reduce your tax bill, but only if you know what to claim. Some common ones include:
Charitable Donations: Keep receipts for any contributions you made to qualified organizations.
Education Costs: Save records for tuition, books, or student loan interest payments.
Childcare Expenses: If you pay for childcare, you may qualify for a tax credit.
Retirement Savings Contributions: Contributions to traditional IRAs or certain retirement plans may be deductible.
Not sure which deductions or credits apply to you? That’s where we come in!
3. Stay Updated on Tax Law Changes
Tax laws can change from year to year, and staying informed is key to maximizing your refund. Here are a few updates to keep in mind:
Standard Deduction Updates: The standard deduction often increases due to inflation. Make sure you know whether itemizing or taking the standard deduction will benefit you most.
Expanded or Updated Tax Credits: Credits like the Child Tax Credit or Earned Income Tax Credit may have been adjusted. If you qualify, these changes could make a big difference in your refund.
If you’re unsure how these updates affect you, we’re happy to walk you through them.
4. Don’t Forget Key Documents
Aside from income and deductions, you may also need:
Last year’s tax return for reference.
Proof of health insurance coverage (if required).
Bank account details for direct deposit refunds.
Double-checking your documents now will help prevent delays when it’s time to file.
5. Consider Hiring a Professional
Filing your taxes on your own can be time-consuming and overwhelming. A tax professional ensures your return is accurate and optimized for the best refund possible. At JR Chance Accounting and Tax Service, we specialize in helping individuals maximize their tax savings while avoiding costly mistakes.
Let’s Make Tax Season Simple
This year, take the stress out of filing your taxes. Contact JR Chance Accounting and Tax Service today to schedule a consultation or call us at (870) 777-3270. Whether you need help organizing your documents or filing your return, we’re here to help you every step of the way.