How to Prepare for Tax Season and Common Filing Errors to Avoid

Well, that was a blur. If you feel like you just filed your 2019 taxes, you’re not alone. But alas, here we are. Your 2020 W-2 has arrived, and it’s time to get organized. 
The best thing you can do to prepare for tax season is get all your ducks in a row. So, whether you do the math yourself, use tax filing software, or have a guy, let’s get quackin’. 
Steps to take before Tax Day this year
If you have everything you need before you start filing your taxes, that can make your life easier. Follow these steps now and thank us later. 
1. Get your tax records in order and make sure you have:  
2. Make sure your Individual Tax Identification Number (ITIN), if applicable, hasn’t expired and submit Form W-7, Application for IRS Individual Taxpayer Identification Number, to renew your ITIN as soon as possible if it has. 
3. Check to see if you’re withholding the right amount, and if you need to make an adjustment, submit a new W-4 to your employer. 
4. Prepare mentally (and financially) to not receive your refund right away. Typically, the IRS issues refunds within 21 days, but the organization warns taxpayers not to rely on receiving the payment by a certain date as some returns need further review to protect against identity theft and fraud. If you’re counting on the refund to help pay down debt, consider using a debt payoff calculator to see how soon you’d be able to pay off your debt with extra funds. 
Common tax filing errors to avoid
According to the IRS, these are some of the most common mistakes to avoid when preparing your tax return: 
Source: Credello