As a new year begins, many people begin to think about their taxes. Before you know it, it is going to be time to file tax returns. Some people file as soon as possible to get it out of the way. This could be a smart option because, in 2018, the IRS projected it would process 155 million individual taxpayer returns. Other people like to wait until the last minute to file their taxes. When thinking about filing your taxes in 2022, consider these tips.
When you are filing your tax returns, you want to ensure that you fill them out accurately. If you are filing your taxes yourself, you should consider using an application that helps you calculate your tax return. This ensures that your numbers are added and subtracted correctly. In addition, you want to e-file and select direct deposit as your option. If you are not feeling confident about filing your own taxes, you can hire a tax attorney to handle your taxes.
Collect All Your Documentation
When filing your tax return or preparing your documents for your tax attorney, you want to ensure you have all your documents. These documents include the advance Child Tax Credit (CTC) letter. This letter contains information that provides you with the amount of money you received, if any, as early CTC payments. Those that were eligible to receive the early payments must file a tax return to receive the rest of the money. For those that did not receive any of the payments, you can claim the full amount when you file your tax returns. The other letter you need when you file is the third economic impact payment. This letter allows people to understand if they can claim a recovery rebate credit for any stimulus payments that were missed.
A tax attorney can help you when you file your tax returns for 2022. In addition to collecting all of your documents to take with you to your appointment, you want to ensure all of your numbers are accurate and correct. If you do have a question that you want to ask the IRS, try to avoid calling them. There is a potential for long wait times, which may be avoided if you find the answers by contacting a trusted tax attorney instead.