2 takeaway lessons from the IRS publication for upcoming tax year

Determining tax obligations is rarely an easy task, but it is likely to be even more difficult for the 2018 tax year. The passage of the Tax Cuts and Jobs Act (TCJA) led to major changes in the tax code. Some of these changes are relatively obvious to navigate, others are extremely complicated.

In an effort to help ease the process, the Internal Revenue Service (IRS) recently published some guidance.  Two specific tips that apply to most taxpayers from the publication include:

 

  • Get organized. This tip is true for any tax year, but organized documentation this year may prove even more beneficial as you or your tax preparation professional attempt to navigate the new tax rules. In addition to all W-2s, make sure you also have other needed documents like Form 1099 and 1094-A. You can help better ensure you get these tax forms in a timely manner by touching base with employers, banks and other financial institutions if you have moved recently and updating your mailing address.
  • Get updated. If you have yet to use the electronic filing system (e-file) with the IRS, consider trying it this year. The IRS states the e-file system is “the most accurate way to prepare and file” your tax returns. Also consider having any expected tax return directly deposited within your account.

These steps can help ease some of the stress that comes with tax season.

Some taxpayers will face an additional form of tax-related stress: an audit. Those who are under investigation by the IRS have options. An attorney experienced in IRS tax problems can help navigate this issue and better ensure your legal rights are protected.

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