It's tax season – be prepared with these tips

This is the season in which we think about submitting our income taxes. Although it is an annual event, it can scare for many. If you are preparing now, you can relieve the process for yourself or your tax advisor.

First collect the required forms including your social security number and that of your spouse, if you are submitted together, plus the number of relatives. In addition to W-2 forms, you would like to absorb information on taxable interest rates that you have received from savings accounts, stocks, investment funds and virtual currency transactions. You must collect other 1099 forms from deserved compensation, including unemployment allowances, pension distributions, annuity or retirement or contractual employment.

Also allow a copy of the state and state tax returns from the past year and your bank account and your routing number to receive reimbursements from direct deposit. Depending on your circumstances, you may have to include the form 1095-A and the explanation of the health insurance market if someone is enrolled in a market plan in your household in 2024.

One of the largest deductions that many people can say is mortgage interest. If you have a mortgage, you should have a form of 1098 from your lender in which you state how much interest you have paid last year. Mortgical interests and points can be tax deductible if they occur. Find out more at

If you expect a refund, different factors can have an impact if you receive your return. The IRS grant most of the direct deposit reimbursements within 21 days. However, certain factors can influence the reimbursement of the time. References that require an additional review can take longer, as well as paper returns (ie a shipping test). The processing times can delay claims with tax credits that require review. In addition, incomplete information, errors or missing documentation such as W-2 and 1099 forms can lead to delays.

To get your refund quickly, set your taxes electronically as early as possible and select the direct deposit option.

If you owe the IRS money this year, you may want to consider changing your source status if your employer progresses. In this way, the employer can hold back more money from your check all year round, so that you will not be made with a large payment next year.

General information on submitting taxes this year can be found at

If you have any questions about whether certain tax laws apply to your individual circumstances, you should help use the IRS Interactive Tax Assistant Tool with this free online tool if your income is taxable to deduct tax credit or if you can deduct certain expenses.

Educational programs of the cooperative expansion service serve to all people regardless of economic or social status and do not discriminate on the basis of breed, color, ethnic origin, national origin, creed, religion, political faith, sex, sexual orientation, gender identity, gender expressions, pregnancy, marital status , genetic information, age, veteran status or physical or mental disability.