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Advice for the 2024 Tax Season

The IRS has begun accepting 2023 tax returns, marking the official beginning of the 2024 tax season. Below are a few tips for streamlining your filing.

Filing Early

The sooner you file your return, the sooner you’ll get your refund. Avoid filing a paper return if possible, opting for electronic methods and requesting your deposit be placed directly into your bank account.

Work Against Identity Theft

By filing early, you can thwart scammers potentially filing bogus returns with stolen identification numbers. Apply for an identity-protection PIN through the IRS to further protect yourself from scammers, making it harder for your identity to be stolen. Get your annual IP PIN here.

Scams involving impersonation of the IRS surge during tax season. Beware of any calls, texts, or emails claiming to have come from the IRS. Forward any attempts at stealing your information to the IRS Phishing Team.

Free Methods for E-filing

Taxpayers with a gross income of less than $79,000 can utilize the IRS’s Free File Program and file through a free commercial software.

Taxpayers with higher incomes who are confident in their knowledge of tax laws and in their ability to self-file can utilize the IRS’s Free File Fillable Form.

Tax Season is always stressful and never stops coming back around. Working with a knowledgeable and experienced financial professional can remove some of the pressure as they are able to assist with ensuring you have the right documents from your investments and are in the best, most tax-efficient position as each spring comes around and for the tax-year ahead.

To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.

Sources:

[1] https://www.irs.gov/e-file-providers/free-file-fillable-forms

[2] https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

[3] https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

[4] https://www.kiplinger.com/taxes/tax-filing/tax-tips-for-filing-your-tax-return-tax-letter

 

This material is provided as a courtesy and for educational purposes only.  Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.  Diversification and asset allocation do not assure or guarantee better performance and cannot eliminate the risk of investment loss.  As with any investment strategy, there is the possibility of profitability as well as loss.

All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed.  All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.

This article may contain links to articles or other information that may be on a third-party website. Advisory Services Network, LLC is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.

Advisory Services Network, LLC does not provide tax advice.  The tax information contained herein is general and is not exhaustive by nature.  Federal and state laws are complex and constantly changing.  You should always consult your own legal or tax professional for information concerning your individual situation.

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