What to Know Before Filing Your 2022 Taxes – NBC Chicago

What to Know Before Filing Your 2022 Taxes – NBC Chicago

Tax season officially gets underway early next week, with many Americans hoping to get an early jump on filing before the deadline in mid-April.

According to the IRS, more than 168 million individual tax returns are expected to be filed this season, with the deadline for taxpayers who have not been granted an extension set for April 18.

While tax season is stressful and hectic many, the Illinois Certified Public Accountant Society, or CPA Society, has offered a couple of tips for taxpayers to help simplify and speed up the process of filing their taxes.

  • Gather all your information prior to filing

Before starting your tax return, the Illinois CPA Society advises taxpayers to gather all necessary information ahead of time, including 2022 tax records as well as Social Security numbers, Individual Taxpayer Identification Numbers, and Adoption Taxpayer Identification Numbers.

For those that are previously confirmed victims of tax-related identity theft should also have their IRS-issued Identity Protection Personal Identification Numbers ready. Taxpayers who have proactively requested one should also have their number on hand before filing.

The Illinois CPA Society notes that for some taxpayers, this may mean waiting until mid-February to early March to ensure that all income and tax-related documents have been received.

These include 1099 forms from banks and other payers reporting unemployment compensation, dividends, pension, annuity, or retirement plan distributions, investment income and other earned income.

  • File electronically and use direct deposit

According to the Illinois CPA Society, both filing electronically and using direct deposit are important steps to ensure that both your tax return and refund payment are processed with minimal delays.

The IRS has advised taxpayers to avoid filing paper returns whenever possible, adding that filing electronically is fastest, easiest and safest way to file a tax return.

While the deadline for most taxpayers to file their returns is April 18, taxpayers who request an extension will have until Oct. 16 to file.

If taxes are owed however, any remaining taxes must be paid by April 18.

According to the IRS, taxpayers who file electronically and use direct deposit should receive their refund payments within 21 business days, as long as there are no issues with the return.

Taxpayers who are receiving refunds that include the Earned Income Tax Credit or Additional Child Tax Credit cannot be issued their refunds before mid-February due to the Protecting Americans From Tax Hikes Act of 2015, which provides additional time for the IRS to ensure fraudulent refunds are not issued.

Soruce : https://www.nbcchicago.com/news/local/with-tax-season-starting-soon-heres-what-to-know-before-you-file/3048511/

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