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It’s never too early to start getting ready to file your taxes in 2022

Putting together your tax documents for your accountant can be a stressful time of year for you. The best way to help you get through it is to start planning and gathering your documents as early as you can. The IRS offers a page on their website titled “Steps to Take Now to get a Jump on Your Taxes”:

This webpage has various tools to help you through the process and hopefully make it smoother.

Organization is the key to start getting your information ready. Having all the documents yourself or your accountant needs is very important in filing an accurate return in a timely manner. One of the main reasons why a tax return gets held up is because there are missing documents so the return cannot be finalized. One way to help with the process is to simply get an empty folder and mark in “Taxes 2021” and start putting the documents there as they start coming in the mail. Examples of documents you want to look are:

• Form W-2’s from your employer(s)
• Any 1099’s from banks, financial institutions, etc.
• Form 1099-INT showing any interest income you received
• Other income documents and records of virtual currency transactions

New items for your 2021 tax return include advance payments of the child tax credit and premium tax credit, which your accountant will need the amounts you received in 2021. There are three different letters that you may receive that you will want to give to your accountant:

• Letter 6419 – your 2021 total Advance Child Tax Credit Payments
• Letter 6475 – your 2021 Economic Impact Payment
• Form 1095-A – Health Insurance Marketplace Statement

If you moved during the year you want to make sure to file Form 8822,
Change of Address form and send it to the IRS.

The information provided in this blog does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. Please consult your tax advisor on all the above issues.

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