Filing Taxes After Switching Jobs
When you switch jobs, there are several things you should do right away in order to ensure that you keep track of all changes to your taxes and other benefits. Below is a list of steps to take when filing your taxes after switching jobs:
Gather All Relevant Documents
- Get a copy of your most recent W-2.
- Request a copy of your last pay stub from your previous employer.
- Request a complete earnings statement from your prior employer.
- Gather all tax forms including 1099 Forms.
Do Not Take Chances with the IRS
When filing taxes after job change, make sure you do not take any chances with the IRS. Remember that all of your employment information and wage records should be accurately reported on your tax return. Any mistakes or omissions on your part can lead to costly penalties and fees.
Contact a Tax Professional For Questions
If you are uncertain about how to accurately file your taxes after switching jobs, contact a qualified tax professional to help you through the process. A tax professional can review your documents and make sure that you are filing correctly and getting all of your deductions.
Change Your Withholding Form
With a new job, you will need to fill out a new W-4 for your employer. By doing this, you are able to adjust the amount that is withheld from your paycheck for federal income taxes. Depending on the amount of money you make at the new job, you may need to adjust your withholding to avoid owing the IRS money at the end of the year.
Filing taxes after switching jobs is a complicated process, but by following the steps above you can ensure that your taxes are done correctly. Financial freedom starts with understanding the process and taking proactive steps to keep track of everything. With the right preparation, you can have a successful tax return that will contribute to your financial success.