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Thursday, January 26, 2023

What you need to know before filing your tax return

TAMPA, Fla. (WFLA) – On Monday, Jan. 23rd, the Internal Revenue Service will begin processing tax returns.

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According to the IRS, most people who saw a bigger tax return last year most likely won’t see that same return. That’s because there are fewer tax breaks and federal support programs last year compared to 2021 and 2020. As the government chose to wind down its pandemic-related support the amount of tax breaks has shrunk.

The average refund for last tax season was $3,176, which is nearly 14% more than the average a year prior. There are also changes to the child tax credit last year it increased to $3,600 because of the American Rescue Act.

However, Congress failed to pass an extension so if parents are able to file, they will only get $2,000.

According to the IRS, as tax season approaches, you should be on the lookout for any potential scams. Officials with the IRS say 90% of all scams come from phishing emails. To avoid any scams the IRS said the earlier you file, the less likely you are to get scammed.

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Typically the IRS takes up to 21 days before releasing a tax return, so it’s important to note that the final day to file is April 18th, unless you request an extension, then you have until Oct. 16th, 2023.

Click here to check on the status of your tax return.



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TAMPA, Fla. (WFLA) – On Monday, Jan. 23rd, the Internal Revenue Service will begin processing tax returns.

According to the IRS, most people who saw a bigger tax return last year most likely won’t see that same return. That’s because there are fewer tax breaks and federal support programs last year compared to 2021 and 2020. As the government chose to wind down its pandemic-related support the amount of tax breaks has shrunk.

The average refund for last tax season was $3,176, which is nearly 14% more than the average a year prior. There are also changes to the child tax credit last year it increased to $3,600 because of the American Rescue Act.

However, Congress failed to pass an extension so if parents are able to file, they will only get $2,000.

According to the IRS, as tax season approaches, you should be on the lookout for any potential scams. Officials with the IRS say 90% of all scams come from phishing emails. To avoid any scams the IRS said the earlier you file, the less likely you are to get scammed.

Typically the IRS takes up to 21 days before releasing a tax return, so it’s important to note that the final day to file is April 18th, unless you request an extension, then you have until Oct. 16th, 2023.

Click here to check on the status of your tax return.



Source link

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