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As tax season approaches, ensuring you have all the essential documents in hand can streamline the filing process and maximize potential refunds. CNBC Select has compiled a comprehensive guide, based on IRS recommendations, outlining key documents required for tax preparation. Additionally, choosing the right tax software can further simplify the process, with options such as TurboTax and H&R Block offering user-friendly interfaces and expert support.
Get Ready to File Your Taxes: Essential Documents and Tax Software Recommendations (Photo from CNBC)
Gathering Essential Documents
It’s important to be ready when you file your taxes, and having the right paperwork on hand can help you avoid mistakes and get your refund faster. Important papers to have are W-2 forms from jobs, 1099 forms for other types of income, and investment records like 1099-DIV and 1099-INT.
Other important documents to gather include records of deductible expenses like mortgage interest, property taxes, and medical expenses. Additionally, documentation related to retirement accounts, such as 401(k) contributions and IRA contributions, should be included for accurate tax reporting.
Keeping organized and ensuring you have all essential documents ready can help simplify the tax filing process and minimize stress. Consider creating a checklist or utilizing digital tools to track documents and deadlines, ensuring a smooth filing experience.
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Choosing the Right Tax Software
Utilizing tax software can further streamline the tax filing process, offering user-friendly interfaces and expert assistance. TurboTax, a top pick by CNBC Select, provides various plans tailored to individual needs, including options for real-time help from tax experts or full-service assistance.
H&R Block is another recommended tax software, offering a simple interface and robust guarantees, such as 100% accuracy with returns. Customers can access live support online, over the phone, or at numerous tax offices nationwide, depending on their chosen plan.
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