As you consider filing your taxes, keep in mind that the IRS has provided some recent updates and reminders for taxpayers. Here are a few points to get you started.
This step is critical no matter which filing option you choose because having all of your information in one place can save time, money, and potential errors. Starting in January, as you receive tax information from your employer, financial institution, or any other tax-related reporting source, be sure to keep everything in a folder or digital file.
Decide Whether You Need Help or Will File on Your Own
The decision to file on your own may be fairly straightforward if you understand what needs to be done and how to do it, but if you are uncomfortable or your situation feels complicated, getting help may be well worth the cost.
For some low-income taxpayers, those with disabilities, or limited English-speaking taxpayers, tax return help may be available from IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, which offer free basic tax return preparation to qualified individuals.
Remember the Online Tools & Resources at IRS.gov
You may qualify for certain credits and deductions. Consider visiting the IRS website to remind yourself of the credits and deductions available to see if you qualify for any of them. Plus, several tax credits are changing. See the IRS website for more information on the 2022 changes.
From the IRS portal, you can check the status of your refund, learn more about current year changes, or review the Taxpayer Guide to Identity Theft for tips on how you might keep your identity safe.
As you review your situation for the current year, consider using the IRS’s Tax Withholding Estimator to help you determine the right amount of tax to have withheld from your paycheck.
Assess & Plan – Talk to a Money Coach
Need a reliable tax preparer? Want to make taxes easier? Whether you have a question about taxes or want to know how to find a qualified tax preparer, talk to a Money Coach today! Our team of coaches includes Tax Specialists with multiple accreditations and designations, and they are well-equipped to help. Call 888-724-2326 to get started.
My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. This content is for informational purposes only and does not guarantee eligibility for the program or its services. Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal, or accounting advice. We recommend that you consult an attorney, tax advisor, or accountant regarding your unique circumstances.
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