How to Prepare for Tax Season

3 Tax Preparation Tips

Tax TIP 1: Take Action

  • Take action when life changes occur. Some life events can change the amount of tax you owe. For example, a change in marital status or the birth of a child. File a new Form W-4 Employee's Withholding Allowance Certificate.

TAX TIP 2: Report Changes

  • If you enroll in insurance coverage through the Health Insurance Marketplace, then report changes in circumstances to the Marketplace when they happen.

TAX TIP 3: Keep Records Safe

  • Print and keep a copy of your previous year's tax return and all supporting documents together in a safe place.
  • If you use a personal vehicle for business, keep a detailed business mileage log and expense tracker.

Leave a Comment