Do you wait until the last minute to file your taxes?

If so, you're not alone because about one in three Americans procrastinate when filling out their annual IRS forms. Legislative changes and inflation make waiting to get your taxes in order seem like a wise option. However, for 2024

you'll need to consider how inflation will impact your returns. The higher your wages, the higher your tax bracket and tax percentage burden will be. Another factor to consider is how the midterm elections might result in tax changes being either included or excluded from December's budget reconciliation bill.

Procrastinating too long, however, has its disadvantages. The longer you wait, the more likely you will make an error on your return, face an audit, or even miss the deadline. These consequences are undesirable for every taxpayer, so it makes the most sense to streamline the process by prepping your taxes as much as you can before the tax year ends. Then you can make any last-minute changes in the final weeks before you file.

If you're currently sifting through this year's records and compiling your year-end tax documents and data, we've outlined some tips to help you organize and prepare for next year's taxes.