WICHITA FALLS (KFDX/KJTL) — January 24 is the first day to file taxes in 2022 and as the IRS begins accepting those tax returns, local tax preparers like Megan Thompson want to be sure you’re prepared for this tax season.
“The sooner the better, making sure that you have all the documentation is number one everybody will have to have their drivers license, their social security card, the W-2’s, 1099, any source of income you will need that documentation,” Thompson said.
Thompson said it’s also important to note that this tax season will look different from recent years with things like the advance child tax credit payments and those Economic Impact Payments needing to be accounted for.
“One of the main things is going to be the Advanced Child Tax Credit, that’s one I think not everyone kind of understood that. It was basically a loan on your original tax credit that you would get initially,” Thompson said.
Being sure that you have the proper documentation like a 6419 Form that will show how much you received in Child Tax Credit and a 6475 Form for those Economic Impact Payments and understanding how they work will make the filing process easier.
“If you have two kids and you’ve gotten the advance between July and December, you would’ve gotten $3,000. So when you go to file your taxes instead of having the full $6,000 as a deduction on your return, it would only be the three thousand because it was an upfront loan,” Thompson said.
While Thompson says she doesn’t foresee a delay in receiving your tax refund, filing sooner and filing correctly is the best way to ensure a speedy process.
“As long as everything is correct, everything should go pretty smooth,” Thompson said.
With tax season now underway, our local tax preparers are here and ready to help you get those taxes filed.
The last day to file your 2021 taxes will be Monday, April 18.