For many people, filing U.S. tax returns can be a daunting task. Here are some things you need to know.
Beyond the popular companies such as TurboTax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers a The IRS also funds two types of programs that offer free tax help: VITA and the Tax Counseling for the Elderly program . People who earn $60,000 or less a year, have disabilities or are limited English speakers, qualify for the VITA program. Those who are 60 or older, qualify for the TCE program.
“If you didn’t get anything in the mail doesn’t mean that there isn’t an information document out there that you need to be aware of and report accordingly,” O’Saben said.If you had more than one job in 2022, you need the W-2 forms of each — not just the one from the job you ended the year with, says Christina Wease, interim director of the tax clinic at Michigan State University.Additionally, if you have a business that uses PayPal or Venmo as a service, it must be reported in your tax return.
“Generally, they are very understanding and willing to work with folks. You’re not going to get arrested if you type in the wrong field,” Alev said.Wease explains that you can file taxes late and, if you were supposed to get a refund, you might still get it. If you haven’t filed for years and you owe money to the IRS, you may be hit with penalties but the agency will can work with you to manage payment plans.Tax season is prime time for tax scams, according to the IRS.
Sometimes scams are even operated by tax preparers so it’s important to ask lots of questions. If a tax preparer says you will get a refund that is larger than what you’ve received in previous years, for example, that may be a red flag, O’Saben said.If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries.
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