Get Ready for the 2024/2025 Tax Season: Tips from the IRS

posted on January 9, 2025

As the 2024/2025 tax season approaches, it's important to be prepared. The IRS has shared some helpful tips to ensure a smooth and stress-free filing process:

1. Create or Access Your IRS Online Account: This account allows you to view key details from your most recent tax return, request an Identity Protection PIN, get account transcripts, sign tax forms, and more. You can also set up or change payment plans and check your balance.
2. Gather and Organize Your Tax Documents: Having well-organized tax records can make filing a complete and accurate return easier. Make sure to gather essential forms such as W-2s, 1099s, and other income documents.
3. Check Your Withholding: Use the IRS Tax Withholding Estimator to ensure the correct amount of tax is withheld from your paychecks. This tool is especially useful if you owed taxes or received large refunds last year, or if you've experienced life changes such as marriage, divorce, or the birth of a child.
4. Sign Up for an Identity Protection PIN (IP PIN): An IP PIN is a six-digit number that prevents someone else from filing a federal tax return using your Social Security number. You can sign up for an IP PIN through your IRS Online Account.
5. Notify the IRS of Any Address Changes: Make sure the IRS has your current address on file to avoid any delays in receiving important documents.
6. Be Aware of New Forms: For 2025, taxpayers who have received more than $5,000 through online marketplaces or payment apps like Venmo, Zelle, or Google Wallet will receive a new form called the 1099-K. This form is for people who use these payment apps for selling goods or providing services.
7. File Early: The IRS Free File program allows eligible taxpayers to prepare and file their returns for free. The program is available to taxpayers with an adjusted gross income of $84,000 or less.

By following these tips, you can ensure a smoother tax filing experience. If you have any questions or need further assistance, don't hesitate to reach out to the IRS or consult Brew's Incorporated.