What You Need To Know For Tax Season

With tax season here, individuals should take time to organize information for their return, plus be alert to income tax-related scams, said a Texas A&M AgriLife Extension Service expert.

“The IRS is requesting that people file their tax returns as soon as possible to avoid a logjam on the April 15 deadline,” said Nancy Granovsky, AgriLife Extension family economics specialist, College Station. “But another good reason for filing early is to possibly help avoid identity theft from those who might want to file a tax return in your name using your personal information.”

Granovsky said knowing what documentation is needed and organizing it properly is vital to ensuring an income tax return is ready to file.

“Put together all tax-related forms, documents and records and organize any needed income statements, receipts and other documentation that your tax return requires,” she said.

She added having this information at hand can also help in determining whether it’s best to itemize or take the standard deductions allowed by the IRS.

“Now is a good time to be particularly alert to any tax-related documents that might come to you in the mail — or by email in the event you have requested your W-2 or other income tax-related documents come to you that way,” she said.

“If you have investments or income other than from an employer, you’ll likely be getting a 1099, so be on the lookout for that as well. Your W-2 should have reached you by now. However, I’ve already heard that many people have received notice that there will be delayed delivery of 1099-DIV’s.”

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