Tax season is officially here
(ABC 6 News) – Tax season is upon us and whether you are filing your taxes or having someone else do them. Preparing is key.
By now you should’ve received your W-2 from your employer but that’s not all you need to file your taxes.
Every year, April 15th is the deadline for filing your taxes.
But this is the time to start gathering the proper documents to make sure your taxes are filed correctly.
“I really just like to see where I am and then I can prepare myself come April 15th. If I’m getting a refund, that’s great,” said Ann Birdd.
“So, W-2s 1099-R for distributions, dividends interest statements, brokerage statements typically come a bit later,” said CPA Ben Oertli.
Oertli, CPA at Oertli and Pleschcourt said there’s new incentive this year when it comes to being eco-friendly.
“Just want to make people aware with the Inflation Reduction Act that it’s been expanded for 2023 and that there is a few items within the electric vehicles area that are used for 2022,” Oertli said.
President Biden took to social medial earlier this week saying you can get up to a 7,500-dollar tax credit for driving an electric vehicle.
But for the most part Oertli says things are going back to normal pre-pandemic except for frontline worker pay.
“So that does need to be reported on the federal return, but it’s subtracted out on the Minnesota. So that would be one of the items that needs to be addressed,” Oertli explained.
Another important item, kids in college.
“I have a few nephews that are wanting to file their own taxes and then they will maybe forget to check the box that says they are still a dependent under their parents. Then that doesn’t work out for their parents,” added Birdd.
“That one definitely can be a headache. More often than not, we want to do you child’s tax return. It’s often screwed up and we have to go back and fix it and there ends up being a fee anyway,” Oertli said.
Birdd says going to a professional for her taxes gives her peace of mind.
“Don’t wait until the last minute, kind be prepared. I recommend if you can go see someone that a professional you should,” Birdd said.
Experts say to also have, and receipts or documents that could be tax deductible ready and don’t wait until the last minute.
If you need to file an extension on your taxes Oertli says it’s very simple. You can just fill out a form that will give you an extra 6 months.
Some individuals choose to file that extension if they owe a lot on their taxes.