This year’s tax season is about to end on April 18.and while the process can be stressful for many, it is an annual obligation for the American workforce.
And to help taxpayers with their homework, Phyllis Cavallone-Jurek, the executive director of Ladder Up, the nonprofit organization that prepares and files federal tax returns, compiled the following tips to file correctly and make the most of your tax return visit.
Submit it immediately
Ladder Up recommends filing your return as soon as you receive your tax documents to save time. The later you are in the season, thes busiest tax preparation locations become.
Take the complete documents
It is important to present yourself with the necessary documents to the tax preparation visit, including a Photo ID, Social Security card, and W-2 or 1099 forms.
Attend with your spouse
All taxpayers must be present to prepare a proper tax return. Take your spouse to collect all signatures and the submission can be completed.
Submit your University Credits
People who are in college or have a child enrolled may be eligible for certain education tax credits and deductions that can reduce your tax liability. Take Form 1098-T to your tax preparation.
Use the E-File
Ladder Up recommends using E-File to submit tax returns. Electronic filing is more secure than paper filing and expedite any refund due to you.
Get ready for fewer refunds
During the Covid-19 pandemic, the US government presented the American Rescue Plan. This legislation included increased tax credits for most taxpayers in the form of stimulus check tax credits, to help individuals and families at the height of the pandemic. Many of those tax credit increases have already expired. and taxpayers may notice a decrease in return dollars for the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax.
· How much money is the IRS refunding on average per tax return this year?
· US states that have the highest and lowest tax burden this 2023
· Survey shows that Americans are saving less and that their tax refund is urgent