The first thing to do before filing your tax return is to make sure you have all the paperwork ready, like your W-2 or 1099.
“We do not want to scare people if they do not submit an accurate tax return as, they will have problems. If there are any discrepancies, it will just result in a delay and you will be informed about it,” said Yviand Serbones Hernandez from Internal Revenue Service.
Therefore, it is important to double check your paperwork before submitting. At this point, you should have received some information by mail from the IRS, for example, with notice of a stimulus check in 2021.
“You do not need the letters. What you need is the information,” said Serbones Hernandez.
Don’t worry, if you have lost it or forgotten it, the information is also online. Just create an account at irs.gov.
What is new this year, however, is that many parents were given the opportunity to get an advance on their child tax deduction. If this is you, you should also have received a letter from the IRS about it and you would like to include that amount.
If you are applying jointly as a couple, each person should have received half of the amount, so you must combine these amounts if you are applying jointly – to get the actual sum of the prepayments you receive.
Even if you do not have children, there are credits you can qualify for, such as the tax deduction. It usually benefits many individuals and families with low to moderate incomes. The amount has increased from $ 500 to $ 1,500 for singles who qualify.
“Eligible ages before were 25 to 64. Now it is 19 and there is no age limit,” said Serbones Hernandez.
There are also several tools on IRS website about getting an estimate on that repayment or finding out where the money is.
Tax Day is Monday, April 18th.