IRS Suggest It Is Time to Begin Collecting 2021 Income Records

Americans should be ready to receive their refund by filing their income tax form as soon as possible. Taxpayers are instructed to gather all year-end income documents before filing a 2021 tax return, in order to speed up the processing of their tax refund: employees should gather their W2, pension and benefit statements, Notice of Deficiency-and pay stubs; self-employed individuals should gather all documentation such as 1099 from an employer, 1099 from a bank account and business cards. Gather your 2021 Income Records now.

2021 Income Records
2021 Income Records

Taking the time to include your Social Security number and those of your spouse and dependents on your tax return will result in less time spent answering IRS questions. Having the Social Security numbers of everyone listed on the return written down and easily accessible will ensure that errors aren’t made when entering them.

The combination of your bank account number and routing number is your direct deposit information. It’s important for you to have both numbers so you can direct your refund into a single account. You’ll need both numbers if you select direct deposit as your payment option.

Don’t have a bank account for Direct Deposit? Open one online now! For options other than online services, click through to the National Credit Union Locator Tool, which will help you find a credit union near you. Many offer free checking and a range of other services.

Be sure to save your Income Tax Records for the year in which you are completing this return.

When you’re ready to file your taxes online, you should know about a variety of tax forms that you can use to report income, expenses and deductions this year. These include W-2 forms from employers, 1099 forms from banks and other payment sources, 1099-MISC forms for various miscellaneous income, W-2 and other income statements for workers in the gig economy. You can also use these forms if you received interest payments or used a home or vehicle for business or investment purposes.

Taxable and Nontaxable Income
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