As Tax Day approaches on April 15, most Americans are busy preparing their tax returns, with the IRS already receiving over 101 million filings. For those yet to submit, important last-minute tips include organizing necessary documents such as W-2 and 1099 forms, understanding the impact of any significant life changes on tax situations, and determining whether to take the standard deduction or itemize deductions based on what will yield a greater benefit. Being informed and prepared can help file more accurately and potentially save money.
If you're starting cold, make sure you pull together all the documents you'll need to fill out your return.
Consider, too, any major changes that took place in your life in 2024 that could affect your taxes either through new tax breaks or new types of reportable income.
Most filers now take the standard deduction... But if the standard deduction amounts to less than the total of the value of itemized deductions you're eligible to take.
Look for income reporting forms from your employer (a W-2 for your earnings) or from your clients if you're self-employed as a freelancer or contractor (a 1099-NEC or 1099-MISC).
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