How to Prepare for Tax Season Now

While the start of tax season is still a few weeks away, there are steps you can take to prepare now. Planning in advance can help ensure that you can complete your tax return accurately and on time. Filing early can also potentially help you receive your refund at a sooner date.

Sign Into Your Online Accounts
You can visit irs.gov to sign into your online account now to view owed taxes, payments, payment plans, and past tax records. Having your past tax records on hand can be helpful to reference when filing next year’s return. If you use an online filing service, now is also a great time to sign into your account and ensure you have access.

Organize Your Tax Files
Signing into your online account can get you access to last year’s files. If you have them stored physically, make sure you know where they are. Organize and gather last year’s return, pay stubs, and any investment statements, so you have what you need for next year’s filing.

Set Up Direct Deposit
Direct deposit is the fastest and safest way to receive your tax refund. To set up direct deposit for your refund, visit your bank’s website or contact them first. Once you have your routing and account number you can use this information when filing your 2022 tax return to set up direct deposit.

Understand What’s Changed from Previous Years
The COVID-19 pandemic had notable effects on tax returns in 2020 and 2021, such as stimulus payments, increased tax credits, and more. Ensure you know all that changed by visiting the IRS’s website, which plainly breaks down the changes that may affect your refund.  

Pioneer and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.