Tax season has officially begun.
Today is the first day the IRS is
accepting 2022 tax returns and the
agency expects more than 168 million
returns to be filed this year.
The deadline to file your
taxes is April 18th.
That's because of the calendar rather
than April 15th as it normally is.
Well, joining us today is Jeffrey Beebe.
He is a certified public accountant.
Jeff, thanks for being here today.
Really appreciate it.
So we were talking briefly in
the break about the biggest
change that people can expect.
This year and it might catch
them off guard, huh?
It probably will.
And that is that refunds are likely to
be smaller this year than in the past.
Mostly because of the child tax
credit being reduced from $3000
back to 2000 was up at 3000 and 3600
for kids under 6 because of COVID.
And so that was just in place for a
couple of years and this was version one
year. Now it was one year,
now it's back to its normal.
Any other changes that people
need to be aware of? That's
going to be the most significant one.
There's also some changes
to the child care credit.
But not as significant as what
that child tax credits gonna
be and brackets are up just a
little bit because of inflation.
OK, what do people need?
What's your advice for people just
to make sure that it doesn't become
a stressful situation, you know,
and getting the fact that the
taxes filed on time and smoothly
so that they don't have to worry
about them being sent back or
and the biggest thing is be sure
to gather all your information.
Enter that in on the forums or
in your software accurately.
But just be complete and accurate and
centered in as early as possible.
Identity theft isn't as big a deal
as it was maybe 8 or 10 years ago,
but it still gets minimized by filing early,
OK? And I would imagine CPA's
like it when people file early.
So everything's not coming in in
the last week or two. Absolutely.
Some of that can't be helped if
you've got a more complicated return,
you're just not getting it done
before late March or early April.
But those that can file early really should,
even if you owe money.
Just because you file early doesn't mean
you have to send him a check early.
You still can send that check by April 18th
and is it? Is it easy or possible
to get extensions on that?
You can get an extension for additional
time to file your paperwork.
It's not additional time to
send the send the money in,
the money is still due on April 18th.
Or at least make a real good guess
as to what money is owed if you send
in a significant amount of money.
After April 18th you can get a penalty.
And why is it such a big advantage
to file electronically and then
also to have direct deposit set up?
You know if you are in line for a refund
if you're getting that refund,
it comes faster by direct deposit than
if you wait for the check to come.
And electronic filing is faster
for both the taxpayer and the IRS.
It drops straight into their computer,
it gets processed, it moves along
and they said something like
it could be there as soon as or
no later than 21 days, right.
That is pretty good.
Turn around. It really
is considering that literally millions
and millions of processed every
day. And what do we say, 168 million
returns can be filed this year.
So definitely get it in early.
Any other last piece of advice?
Just making sure everything is
entered accurately, whether you're
using software or doing it by hand.
Just be sure all your math is correct,
everything gets entered correctly.
The thing that causes the most problems
is missing a 1099 missing at W2.
Mm-hmm. Alright,
let's have everything in order.
Do the checklist right. Yes.
Or hire a CPA, that always works.
Do that too, right.
Ohh. Thanks a lot Jeff.
Really do appreciate it.
Thank you, Sir.
And we'll be right back.