The IRS is now forced to pay interest on thousands of refunds that Americans still have not received for their 2020 tax returns.
Now the IRS is offering a few tips on how to file your 2022 taxes quickly and hopefully receive a refund in a timely fashion.
Here are a few tips to make filing taxes easier in 2022 than it was in 2021
First, gather and organize all of your tax records ahead of time. By having them ready and organized, it will make completing taxes much easier as well as having all the details necessary and on hand like name or address changes.
Most income is taxable, so the following forms and records should be compiled for your taxes if they’re applicable:
- W-2 employment forms
- 1099 forms from banks, unemployment, dividends, pensions, annuity, or retirement plans
- Forms 1099-K, 1099-MISC, or other statements
- Form 199-INT for any interest received
- Any other documents showing income or that pertain to the tax breaks offered by the IRS this year like Letter 6419, 2021 Total Advance Child Tax Credit Payments, Letter 6475, Your 2021 Economic Impact Payment, or Form 1095-A, Health Insurance Marketplace Statement.
Those filing should also be sure that they have withheld enough tax. Sometimes life changes impact whether you want to keep more of your paycheck, but you may end up owing in the long run. It really depends on your needs.
If you use an Individual Taxpayer Identification Number, it needs to be renewed. They expire Dec. 31, 2021.
If you used the paper check method last year, it may be worth switching to direct deposits. They’ve proven to be much faster.
Related: Still waiting for your tax refund? Millions of taxpayers will receive interest on their late tax refunds
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