What to Expect This Tax Season

RENO, Nev. (775 Times, NV Globe) – Bruce MacKinnon, a tax preparer with Jackson Hewitt, claims he is already doing taxes for single people and small families.

“Families who anticipate substantial refunds are eager to apply,” says MacKinnon.The returns, though, won’t be as substantial as they were last year.

The Child Tax Credit and the Child Care Credit, which were increased for 2021, have returned to their pre-pandemic levels as a result. The Earned Income Credit without Children is the same.

“That was almost tripled for tax year 2021,” says MacKinnon. “That has gone back to the original amount we knew in 2020 and before.”

According to MacKinnon, the Standard Deduction rises every year. A return may be more money if earnings are the same as or lower than last year. In 2022, if wages rose, the taxman may want more.

The deadline for mailing W2 forms is January 31, 2023. That is the document that the employers send that lists 2022 earnings. Without it, filing income taxes is challenging.

Even if you owe money, MacKinnon advises visiting a tax preparer right away. Money might be saved with advance notification in order to pay the tax obligation before the due date of April 18, 2023.

“We can print you a mail-in voucher that needs to be mailed in by April 18th,” says MacKinnon. “If you prefer an electronic payment you can authorize through the tax return the IRS to automatically debit your bank account.”

According to MacKinnon, tax season always occurs at the same time of year. He has seen that tax filing has changed as a result of technology.

W2 forms are frequently sent electronically by businesses to their workers. Additionally, at least 95% of the returns are submitted online. As a result, if the government owes a taxpayer money, the process will go more quickly.

With electronic filing, funds might be available in a bank account in as little as 21 days.

Credits: KOLO TV