CLARKSBURG, W.Va. (WBOY) – Tax refunds will be looking a little differently this year with the Internal Revenue Service (IRS) going back to pre-pandemic filing.
What this means is that the larger child tax credit, earned income credit for single filing, and write-offs for charitable donations when you do not itemize will not apply to the 2022 tax year. The threshold for taxable income through payment processors have also been significantly lowered. These changes may result in a significantly smaller refund than what you received last year. If interested in knowing more, you can click here for in-depth information.
A 12 News reporter spoke with Mark Steber, chief tax officer at Jackson Hewitt Tax Services, who offered advice for taxpayers this year.
Steber said to not wait until the last minute to file your taxes. By filing your taxes earlier you can:
- Get your refund back faster
- Ask questions on changes and how to deal with them
- Lock up your data with the irs and state
- Have more time to pay money that may be owed
Another suggestion from the chief tax officer included either seeing a tax professional when filing or make friends with a tax professional. If you are one of the people who file your own taxes, it may be nice to have a tax professional to ask questions to when you do not know the answer. Steber said, “If not to help you do your taxes, at least to answer questions or provide a free review which many good companies do at the end of the year. Now a lot of people provide tax software too, this time of year. Make sure if you’re gonna use that, you buy a credible software, not something that’s really free and cheap, that’s not really reputable.”
It is important to be aware of red flags from some tax professionals when it is time to file. A few of these red flags Steber mentioned are being told that “you will get a guaranteed refund,” “you will never get audited,” and “no, I’m not going to sign that.” make sure to ask a tax professional questions about pricing, service guarantee, and how long they can help you for. If you do not like the answers you receive, try checking out a different tax professional.
Filing taxes electronically, or “e-filing” was also a piece of advice from Mark Steber. By doing this, you will most likely receive your refund quicker rather than waiting for it to come in the mail. You will also have your tax refund stored in your computer for the next year, when it is needed for filing.
April 15 falls on a Saturday this year, so taxes will be due by April 18.