January marks the start of tax season in the United States. By organizing now, you can avoid fines, get your refund faster and, most importantly, leave no money on the table. In The Multiservices Family we accompany you step by step to declare correct, take advantage of credits and better plan your 2026.
Why January Matters
- You receive important documents: W‑2 (if you're an employee) and 1099‑NEC/1099‑MISC (if you were self-employed). By law, your employer or customer must send them by January 31.
- You prepare receipts: interest (1099‑INT), mortgage (1098), donations, medical expenses, tuition (1098‑T), and more.
- You adjust your strategy: if you expect to owe taxes, you can plan payments; if you expect reimbursement, you can accelerate with e-file and direct deposit.
Things you should know in 2026
- More than 90% of individual returns are filed electronically (e-file) in recent years, reducing errors and accelerating refunds. Source: IRS Data Book.
- Most refunds for electronic returns with direct deposit are issued in less than 21 days, according to the IRS. Source: IRS — Where's My Refund.
- Roughly 1 in 5 eligible people don't claim the EITC (Earned Income Credit), leaving billions unclaimed each year. Don't be part of that statistic. Source: IRS — EITC Participation Rate.
- Forms W‑2 and 1099‑NEC must be given to workers no later than January 31. If you don't receive them, it's a signal to act now. Sources: IRS — About Form W‑2; IRS — About Form 1099‑NEC.
Credits and deductions that could leave more money in your pocket
- EITC (Earned Income Credit): Benefit for those who work and have low or moderate incomes. It increases if you have children with a valid Social Security number. Even if you're not required to declare, you may receive money if you qualify.
- CTC (Child Credit): It helps families with minor children who qualify. It can lower your tax and, in part, be refundable (you get money back even if you don't owe it).
- Dependent Care Credit: If you paid for child care or dependent care to be able to work or look for work, you can receive a credit.
- Educational Credits (American Opportunity and Lifetime Learning): If you or your child are in college, review these credits with your Form 1098‑T.
- Mortgage Interest and State/Local Tax Deduction (SALT): If you itemize deductions, these payments can help lower your tax.
- Self-employed workers: deductions for vehicle, cell phone, internet, home office, equipment and more. Keeping clear records is key.
Simple terms
- E-file: submit your statement online. It's faster and with fewer errors than on paper.
- Direct deposit: receiving your refund directly to your bank account; it's the fastest way.
- W‑2: document showing your salary and withheld taxes if you are an employee.
- 1099‑NEC/1099‑MISC: documents for independent contractors or payments for services.
- ITEM: identification number for taxpayers who are not eligible for an SSN (Social Security). With an ITIN you can and must declare; you can also qualify for multiple credits.
Mistakes that cost the most and how to avoid them
- Declare without all your forms. Solution: wait until you have W‑2, 1099, 1098 and check with your payroll/bank portal.
- Misspelled names or numbers (SSN/ITIN). Solution: Check that they exactly match your Social Security card or ITIN letter.
- Do not report income from platforms or “side gigs”. A lot of income comes through apps and banks; report them even if you don't receive 1099. You avoid letters from the IRS and fines.
- Forget eligible credits (EITC, CTC, education). A professional checkup can make the difference between a duty and a receipt.
- File on paper when you can use e‑file and direct deposit. This delays your refund.
- Don't renew your ITIN on time. ITINs that are not used for three years or with specific digits may expire. Check with us if you need to renew it.
Practical calendar for January
- Collect personal documents: identification, SSN/ITIN, dependent data, bank account for deposit.
- Collect proof of income: W‑2, 1099‑NEC/MISC/INT/DIV/K, income from income, tips, cryptocurrency.
- Collect proof of deductible expenses: donations, mortgage interest (1098), tuition (1098‑T), dependent care, business expenses if you're self-employed.
- If you're an employer or pay contractors: Remember to submit W‑2 and 1099‑NEC before January 31 to avoid fines.
How La Familia Multiservices helps you
- Preparation and filing of personal and business taxes (e-file and direct deposit).
- Free credit and deduction review to maximize your reimbursement.
- ITIN renewal and processing.
- Advice for self-employed workers and LLC owners: books, expenses, estimates, 1099‑NEC.
- Tax planning for 2026: adjust withholding, estimated payments and business structure.
Schedule your appointment today. The sooner you order your documents, the faster and safer you receive your refund and avoid surprises.
Sources and references
Ready to get started? Contact us at La Familia Multiservices and we will guide you step by step to file your taxes without stress and with the greatest possible benefit for your family and your business.
Note: The sources cited are official IRS sources and are based on publicly available data up to 2024. Dates and rules may be adjusted each year; we confirm current updates when preparing your return in 2026.
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