As the end of the year approaches, Optima Tax Relief reviews how to make filing your taxes a little easier in 2022. There are important steps to take to file your taxes to avoid any delays in receiving your refund.

Do you have your tax records?

Keeping up with all of your tax documents throughout the year can make tax prep and filing a lot easier. You’re less likely to make an error, which will cause processing delays, thus delaying your refund. To get your refund in a timely manner, you should file as soon as possible and ensure that the information is correct.

Having organized tax records goes beyond a W-2, 1099 or other IRS forms. If you moved, your address should be updated, and the IRS notified. If you received a legal name change, you should notify the Social Security Administration.

Utilize Online Account

Online Account is the IRS online system that allows you to access important information regarding your taxes. You’re able to view updates and payment information, Child Tax Credit, or other credit claims. This is a great tool for accurately claiming credit and checking the status of your Economic Impact payment amounts.

Online Account allows you to perform the following:

  • View Economic Impact Payment amounts
  • Access the Child Tax Credit Update Portal and check the status on your advance payments
  • View important information and additional records from recent tax returns
  • View payment plan details
  • Access five years of payment history and payment schedules

Withholding Tax

Should you ever find yourself in a position where you owe taxes or received a large refund, you should adjust your withholding amount. You can increase the amount of tax that is withheld from your earnings to save money, or pay a tax debt before it becomes unmanageable. You can adjust your withholding amount by completing a new Form W-4.

If you’re self-employed, tax withholding is even more important to avoid penalties and delays. You’re required to pay taxes quarterly as a 1099 filer and the last payment for 2021 is due on January 18, 2022. You can make payments and view your payment history through your Online Account.

Faster Refund

You can ensure a faster refund by setting up direct deposit. Paper checks delivered through mail take longer to be delivered. You also don’t want to risk your check getting lost or stolen in the mail. The safest and most efficient way to receive IRS payments is through your bank. If you don’t have an account, consider opening one through and FDIC-Insured Bank or through the IRS National Credit Union Locator Tool. Veterans have the option of using the Veterans Benefits Banking Program (VBBP).

 

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