Why You Should Check Your IRS Tax Transcripts Regularly

As we navigate another tax season, I want to highlight an often-overlooked but crucial tool in managing your tax health: your IRS tax transcripts. These transcripts provide a detailed record of your tax filings, payments, and any adjustments made by the IRS. Reviewing them regularly can help you catch potential errors, confirm payments, and stay ahead of any IRS notices.

Why Check Your Tax Transcripts?

• Detect Errors Early: Transcripts can reveal discrepancies in tax filings before they become major issues.
• Confirm Payments & Credits: Ensure that your estimated tax payments, withholdings, and credits are correctly applied.
• Monitor for Fraud: Reviewing your transcript can help you spot unauthorized filings or identity theft.
• Stay IRS-Ready: If you ever need to apply for a loan or resolve an IRS notice, having reviewed transcripts puts you in a stronger position.
• Honorable Mention: Wage and Income Transcript – This specific transcript shows all the income information the IRS has on you, including W-2s, 1099s, and other reported earnings. It is especially useful to ensure you don’t miss any income when filing your return. Keep in mind that this transcript is typically updated around May or June, meaning it becomes available after the tax deadline. If you want to be extra conservative and ensure complete accuracy, you might consider filing an extension to wait for this data before finalizing your return.

How to Access Your Tax Transcripts You can retrieve your IRS transcripts online through the IRS website by creating an account at IRS.gov. If you need assistance, we’re happy to help you navigate this process.

If you have any questions or notice anything unusual in your transcripts, don’t hesitate to reach out. We’re here to ensure your tax records are accurate and up to date.

Clarity always,

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