Some people may have life changes like getting married or divorced, welcoming a child or taking on a second job. This online tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck. With the end of the year approaching, time is running out to take advantage of the Tax Withholding Estimator. Get Ready for what’s new for Tax Year 2022 Taxpayers should carefully review each income statement for accuracy and contact the issuer to correct information that needs to be updated. Typically, year-end forms start arriving by mail or are available online in mid-to-late January. Taxpayers should keep copies of filed tax returns and their supporting documents for at least three years.īefore January, taxpayers should confirm that their employer, bank and other payers have their current mailing address and email address to ensure they receive their year-end financial statements.
The IRS encourages taxpayers to develop an electronic or paper recordkeeping system to store tax-related information in one place for easy access.
Now’s a good time for taxpayers to consider financial transactions that occurred in 2022, if they’re taxable and how they should be reported. When filers have all their tax documentation gathered and organized, they’re in the best position to file an accurate return and avoid processing or refund delays or receiving IRS letters. They can also find helpful information on organizing tax records and a list of online tools and resources. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence.įilers can visit the Get Ready webpage to find guidance on what’s new and what to consider when filing a 2022 tax return. WASHINGTON - The Internal Revenue Service today encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier.
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