Book a meeting
Book a meeting
Business Advisory Accounting & Tax
Making Tax Time Easier: A Step-by-Step Guide
by Kelly+Partners Team
3 min read
25 February 2025

Take outs:

  • Gather Documents Early: Ensure you have all necessary documents, such as tax forms, Social Security numbers, and banking details, to avoid errors and missed deductions.

  • Report All Income Sources: Accurately report all types of income, including online sales, investments, part-time work, and self-employment, to prevent IRS issues.

  • File Electronically for Faster Refunds: Filing online with tax software speeds up processing and reduces errors, while direct deposit ensures quicker refunds.  

  • Explore Free Filing Resources: The IRS offers free filing options, such as Free File, VITA & TCE programs, and MilTax, to help eligible individuals file at no cost.

Making Tax Time Easier: A Step-by-Step Guide  

Tax season is approaching, and preparing for it doesn’t have to be stressful. The Internal Revenue Service (IRS) has shared helpful tips to streamline the process and ensure that taxpayers can file their returns accurately and efficiently. Here are five tips to help you make filing your 2024 tax return easier:

1

Gather Your Tax Documents Early

Before filing, make sure you have all the necessary documents at hand to file an accurate return. This will help avoid errors, delays, and missed deductions. Key documents to collect include: 

  • Social Security numbers for everyone listed on your tax return. 
  • Bank account and routing numbers for direct deposit. 
  • Tax forms like W-2s, 1099s, 1098s, digital asset transactions and other income records. 
  • Form 1095-A, the Health Insurance Marketplace statement. 
  • IRS letters related to tax credits or deductions. 

By having everything ready, you'll save time and ensure you don’t miss any important deductions or credits. 

Gather Your Tax Documents Early
2

Report All Income Sources

It's crucial to report all income to avoid potential IRS notices or bills. This includes income from: 

  • Sales of goods on online platforms. 
  • Investment income. 
  • Part-time or seasonal work. 
  • Self-employment or business activities. 
  • Services provided through mobile apps. 

Accurate reporting will help prevent any issues down the line. 

Report All Income Sources
3

File Electronically for a Faster Refund

Filing electronically is the fastest way to get your refund. Using tax software ensures that calculations are correct and reduces the chance of errors. Additionally, electronic filing combined with direct deposit helps speed up the process. Paper returns can delay your refund, so aim to file digitally whenever possible. 
File Electronically for a Faster Refund
4

Explore Free Filing Resources

The IRS offers free resources to help eligible taxpayers file their taxes without cost: 

  • IRS Free File: Free online filing for individuals or families earning $84,000 or less in 2024. 
  • Direct File: Available in 25 states, this service allows you to file directly with the IRS for free, guiding you step-by-step through the process. 
  • VITA & TCE Programs: These provide free tax preparation for those earning under $67,000, individuals with disabilities, senior citizens, and others. 
  • MilTax: A free tax resource for military members, veterans, and their families, offering tax preparation software and personalized support. 
Explore Free Filing Resources
5

Stay Updated and Use IRS Online Tools

The IRS offers several online tools to help answer your tax questions quickly: 

  • Online Tools at IRS.gov: Available 24/7, these tools are essential for staying updated on tax rules and processing times. 
Stay Updated and Use IRS Online Tools

Additional Tips for 2024 Tax Filing: 

  • Stay Informed on Tax Changes: Key updates include increases in the standard deduction, changes to child tax credits, and earned income tax credit eligibility requirements. 
  • Be Aware of 1099-K Reporting Changes: Payment apps and online marketplaces now report transactions over $5,000, so ensure that your transactions are properly reported. 

By preparing ahead of time, using available resources, and staying organized, you can make tax season less overwhelming and ensure that you’re filing accurately and on time. 

For more detailed guidance, the IRS encourages taxpayers to review Publication 17, Your Federal Income Tax (For Individuals) and check out the many tools available on IRS.gov. 

Tax time doesn’t have to be difficult — follow these tips and make the process smoother and more efficient! 

 

The information provided in this article is a selection of information taken from publicly available sources and is current as at the date specified in the information. This article has been written for general informational purposes only and is not intended to provide, and should not be relied on, for tax, legal or accounting advice. We encourage you to consult your own tax, legal and accounting advisors before engaging in any transaction.

 

If you're a business owner and would like help with your Tax planning, book a discovery session with us to see how we can help you be better off.
Previous story
← Mental Health for Small Business Owners
How to Choose the Right Tax Professional: A Guide for US Small Business Owners
Business Advisory
How to Choose the Right Tax Professional: A Guide for US Small Business Owners
24 February 2025 4 min read
Demystifying Taxes For Your Business
Demystifying taxes
Accounting & Tax
Demystifying Taxes For Your Business
24 April 2024 2 min read
LA Wildfire Assistance: Resources to Support You & Your Business
LA Fires
Business Advisory
LA Wildfire Assistance: Resources to Support You & Your Business
10 February 2025 2 min read