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Most of us are not exactly tax , even if we have produced an annual declaration for decades. Tax codes tend to be complex, and they can also change at least a little each year, which makes it more difficult for the average person to follow. To help you avoid having to browse confusing regulations yourself, the Internal Revenue Service (IRS) regularly gives advice to taxpayers on its website. In a January 30 Press release The IRS has offered new advice on the things you have to declare on your taxes this year.

"Do not forget to report all types of income on the income tax return," warns the agency. "It is important to avoid receiving an opinion or a bill from the IRS."

According to the IRS, there are five types of income that you may have to declare on your return 2023: the goods created and sold on online platforms; investment income; part -time or seasonal work; independent work or other commercial activities; and the services provided via mobile applications.

"The IRS receives information from third parties, such as employers and financial institutions," said the agency On his website . "Using an automated system, the automated sub-door function (AUR) compares the information reported by third parties to the information reported on your performance to identify potential differences."

If you do not declare everything, the IRS will send you a CP2000 opinion, which is an opinion of under-declared income. "The CP2000 is not an invoice, it is a proposal to adjust your income, payments, credits and / or deductions," explains the agency. "Adjustment can cause an additional tax due."

But you could not only face an invoice for the taxes that you originally owed in this case: taxpayers can also be accused of a penalty For a certain number of different reasons, in particular the filing of an inaccurate declaration. If you do not declare all your income, you can be affected by a Fine linked to precision IRS too. For a substantial revenue and you may consider a penalty of an additional value of 20% of your underpaid taxes.

"You can avoid a penalty by bringing your income declaration precisely," advises the IRS on his website.

Of course, declaring with precision all your income is not the only thing you need to take into consideration during this classification season. In order to "help make the preparation of taxes more fluid in 2024", the IRS also provided taxpayers with a list of control of other things to remember during the production of their declarations. Read the rest for five other advice from the agency.

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Before you start preparing your declaration, the IRS says you need to collect all the necessary tax documents and recordings. This will help you avoid missing deductions or credits, as well as producing a complete and precise income declaration.

"Errors and omissions slow down tax treatment, including repayment times," warns the agency.

Don't you know what you need? According to the IRS, taxpayers should have the following information and documents before starting their taxes: social security numbers for all those registered in the income tax return; bank account and routing numbers; Various tax forms such as W-2S, 1099s, 1098s and other income documents or registration of digital asset transactions; Form 1095-A, declaration of the health insurance market; And any letter IRS citing an amount received for a certain tax or credit deduction.

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If you are particularly worried about the waiting times for potential reimbursement, the IRS says it is crucial that you were going to your return electronically with direct deposit. It is "the fastest way to receive a refund", according to the agency.

"Avoid paper yields," advises the IRS.

Also don't forget to go online for free help. The IRS wants to remind people that there are free resources to help eligible taxpayers to deposit online. This includes the agency Free file , which is a "free online alternative to the filing of a paper income declaration" which is available for any individual or family who won $ 79,000 or less in 2023. AE0FCC31AE342FD3A1346EBB1F342FCB

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IRS says it is also important for people to think how They want to deposit their taxes - whether personally deposit taxes, the use of online classification services or the hiring of a fiscalist.

"Everyone has their own advantages," notes the agency. "Taxpayers should decide according to their personal situation and their level of comfort with the preparation of taxes."

But if you hire a fiscalist, the IRS urges you to choose one with care.

"Most of the income statements are professional, honest and provide excellent service to their customers. However, preparers of dishonest income declarations that produce false income statements exist," warns the agency.

With its latest advice, the IRS reminds taxpayers that contacting the agency to obtain aid via a telephone call may not be the fastest or most efficient option. After all, waiting times can soar during the tax season thanks to an increase in demand.

"Do not wait until waiting when you call the IRS," shares the agency. "Use online resources on IRS.GOV to obtain answers to tax questions, check a refund status or pay taxes.

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Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.