The IRS has shared some key tips that taxpayers should consider when filing their federal tax return this year.
Here are some of the most important to help you file a return accurate tax return, avoid processing delays, and receive your refund faster.
First, have all the necessary documents on hand before filing a tax return. Obtain W-2 forms, 000 and other income documents.
People who need to reconcile their Child Tax Credit advance payments or claim the Refund Recovery Credit will need to have additional information when filing their return.
Therefore, you must have the full amounts of your Child Tax Credit advance payments to receive the rest of the credit and the amounts of your third Economic Impact Payment (stimulus check) to claim the Refund Recovery Credit.
You must check your account online to review the “Letter 6419, Prepayment of Child Tax Credit from 2021”, and the “Letter 6475, Your Third Economic Impact Payment”, with the total payment amounts for be able to file an accurate statement.
In the case of married couples who received their payments c Based on a joint return, each spouse received half of the payments. Everyone can find the total amount of payments in their online account or in the letter from it. You must add your individual payments to provide the total amount.
There are many options that include using a professional tax preparer. Tax preparation programs guide people through each section of your tax return through a question and answer format.
When using them, enter your return information carefully. This includes any information required to calculate credits and deductions. Using tax preparation software can help prevent math errors, but you should always check your tax return last to make sure it’s accurate.
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