Filing taxes this year will bring changes for individuals, and tax payers are helping navigate through the changes while telling us what we can expect.
Here are more details on those said changes.
Tax season is approaching and individuals will encounter new changes.
We spoke with local tax preparers for more information regarding the changes and what can be done to continue making the process easy.
Tax season is one of the most stressful times of the year and this year will be no exception.
Monday January 24th will begin tax season and individuals are going to notice changes that have been made to the tax laws for this year.
Those that have children will experience one of the big changes due to the child tax credit.
“Obviously people have already started receiving some advanced payments starting back in July. They should be receiving a letter from the IRS that states how much they received. They need to bring those in when they do their taxes so that can be put on their tax return and they’ll get the balance of what they haven’t received on their tax return this year,” said Jason Williams, Owner and Manager of Liberty Tax Service.
More changes along with the child tax credit that individuals will notice are bigger credit amounts and major changes to the earned income tax credit.
The tax services are looking to remain fully staffed in the midst of the new laws for taxes to take on any challenges the new laws may bring for preparers or those filing.
“Most of our offices are fully staffed at the moment and we’re going to keep trying to keep them staffed, but of course with COVID you never know and we’re going to continue to keep in business like the best we can,” said Renee Matteliano, Erie District Manager of Jackson Hewitt Tax Service.
Tax preparers recommend bringing in all the necessary documents required to make the process go smoothly and quicker.
“They need to make sure they come in with all their W-2’s, make sure they have their unemployment papers, and then if they have children, if they have that letter from the IRS that states how much they receive that’s very helpful,” said Williams.
Tax payers also recommend bringing in letters about stimulus payments being that they are still being put on the tax return.
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The filing deadline for this year is Monday April 18th instead of the 15th due to the Emancipation Day holiday that will be observed in Washington D.C.