IRS Offers Pre-Tax Filing Season Tips

Tax filing season may not begin for another two months, but the Internal Revenue Service has provided a few tips on how to prepare in advance.

Last month, the IRS announced that the 2014 tax filing season would likely be delayed by one to two weeks due to the recent 16-day government shutdown.

The kickoff for the season is expected to be between Jan. 28 and Feb. 4 as opposed to the original start date of Jan. 21, but the IRS will announce a final decision at the end of the year.

In the meantime, a spokeswoman for the agency said there are a few ways to get ahead to prevent tax-related stress this winter.

“Taking a few minutes to make sure what was taken out of your paychecks matches your projected tax bill can save you headaches next year,” Spokeswoman Peggy Riley said. “If not enough was withheld, you will owe tax for 2013 and may have to pay a penalty.”

Riley said that taxpayers with changes to their income, such as taking a second job or having a spouse go back to work, can alter the amount that needs to be withheld.

“It’s also very important to check your withholding if there are significant personal or financial changes in your life that involve adding or losing an exemption, such as marriage, divorce, birth or adoption of a child, purchase or sale of a new home or retirement,” she said.

Taxpayers can use the withholding calculator on the IRS’s website to figure out if the right amount is being withheld. Persons intending to use it should have their current pay stubs and a copy of last year’s tax form on-hand.

Riley said that keeping track of receipts and other records throughout the year could also help taxpayers avoid problems when filing.

 “If you itemize, you should keep receipts, invoices, mileage logs, canceled checks and other records to support deductions or credits you claim on your tax return,” she said.