Due to significant changes in recent years, it’s more important than ever to start thinking about your tax situation with time on your side. Economic shifts and government policies have impacted the tax filing process, leading to changes that taxpayers need to be aware of. One notable adjustment has been the timing of the federal tax filing season, which was delayed to accommodate new tax laws and stimulus benefits for Americans.
Tips for Filing Taxes
- File Electronically: Filing your taxes electronically and setting up direct deposit will provide the quickest turnaround on refunds.
- Stay Updated: Regularly check for the latest tax information and updates to ensure you have the most accurate details.
- Review Stimulus Payment Guidelines: If you’re eligible for stimulus payments, carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, but if you didn’t receive a payment or only received a partial payment, you may be eligible to claim the Recovery Rebate Credit when filing your tax return.
- Non-Taxable Stimulus Payments: Remember, stimulus payments are not taxable and do not reduce your refund.
Important Filing Considerations
- Earned Income Tax Credit Awareness: Take advantage of valuable tax credits available to many people, including the option to use prior-year income to qualify.
- Check Refund Status: Use the IRS.gov “Where’s My Refund” tool to track the status of your refund, especially if you’re claiming Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC).
- File On Time: Be aware of the deadline for filing your tax returns to avoid any penalties.
Hylen offers services for individual taxes, corporate taxes, and consulting to help you file your taxes correctly. We know how important it is to get your taxes filed properly, so be sure to reach out to one of our consultants for guidance. Stay informed on important tax information, and let our team of professionals help you find the best solutions for you and your business.
