With a new year comes preparation for the new tax season. Tax season begins Jan. 24 and this year’s Tax Day is April 18. Since as early as fall of last year, the Internal Revenue Service has encouraged taxpayers to get a head start on their 2021 returns. The IRS recommends gathering and organizing the necessary tax documents now to make the process as smooth as possible. Documents needed include W-2 forms from employers and 1099 forms that document nonemployment income such as unemployment compensation, dividends and distributions from a pension, annuity or retirement plan, according to the IRS. Another tip is to create an account at irs.gov. There you can find the amount of any Economic Impact Payments you have received, look at your most recent tax return, view the past five years of payment history and more.
Many Americans each year fall for tax scams that cost them millions of dollars and compromise their personal information.
The most common scam during tax season is when scammers pretending to be IRS agents contact taxpayers in an effort to get sensitive information. The IRS does not contact taxpayers by email, by text or through social media.
Seniors vs. Crime, a nonprofit organization that operates as a special project of the Florida Attorney General’s Office, offers multiple tips to ensure consumers don’t fall…