As the year winds down and you start to eye your pile of receipts and W-2 forms, the Oregon Department of Revenue is offering simple tips to help taxpayers to easily navigate the upcoming tax season. Megan Denison from the department pointed out, "Most people don't want to think about their taxes until it's time to fill out their returns. But doing a few simple things in the weeks before tax season can make filling out your return and filing on time less stressful." This advice, sourced from a statement obtained by the Oregon Department of Revenue, could be the antidote to your tax-time tension.
One proactive step is to ensure all your account information is up to date via Revenue Online, Oregon's tax portal. Here, taxpayers can quickly check their addresses, usernames, passwords, and any estimated tax payments made in the past year. Additionally, users are prompted to setup two-step verification on their first login, a feature you can complete through an authentication app, text message, or email to further secure your tax information. Taxpayers also have the option to bypass the two-step process, though it is not recommended for security reasons.
When it comes to organizing tax documentation, Denison advises waiting to file until you have all your pertinent financial records, such as W-2s from employers, various 1099 forms indicating other income, and records pertaining to work in the gig economy. This strategy helps in preparing a more complete and accurate return and can minimize the need for corrections down the line. Gathering these records could save time and reduce errors when the tax-filing period rolls around.
Availing yourself of the IRS Direct File eligibility screener might be a wise move. This tool helps determine whether you can e-file federal and state returns at no cost, a privilege estimated to extend to 640,000 Oregonians next year. Taxpayers looking to streamline their refunds should consider utilizing direct deposit, which can be set up through the IRS website. Megan Denison remarked to the Oregon Department of Revenue, "By filing electronically and choosing direct deposit, taxpayers will get their refund faster," emphasizing the practicality and efficiency of modern e-filing methods.
If you're unsure about handling your own taxes, it's critical to choose a reputable tax return preparer. Since taxpayers are responsible for the content of their returns regardless of who prepares it, the Oregon Board of Tax Practitioners' Licensee Lookup and IRS' tax professional choice pages are useful resources. Additionally, Denison highlighted the availability of free filing assistance for those who need it, as well as an invitation for taxpayers to subscribe to the "Oregon Tax Tips" email newsletter to stay informed on tax filing matters and related tax credits.
