It’s The Best Time of The Year – Tax Season! 4 Things to Avoid as You Prepare Your Returns.
- Don’t Miss Out on Free Filing Opportunities
If your adjusted gross income (AGI) is less than 84,000, then you can use the Free File this year. The income threshold was increased by $5,000 compared to last year. The IRS Free File program has eligibility rules and requirements, but don’t pass up exploring the opportunity HERE.
For older Americans, you may be eligible free tax help through the IRS’s Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. You can see more details about these programs HERE!
- Don’t Get Caught Up in A Scam
Tax Season brings out a host of fake tax preparers and scammers looking to take advantage of unsuspecting taxpayers. Be wary of those that advertise on social media sites and the internet claiming they will save you thousands or even promise large returns this year.
Do your due diligence before paying one of these purported tax preparers a large upfront fee or charge a percentage of your refund. It is likely they could file for credits fraudulently.
If you suspect that a balance with the IRS is not proper, possibly stemming from the use of one of these “tax preparers” online, seek a trusted tax professional’s help to determine if you were the victim of a scam. The tax professionals at Bryson Law Firm can provide this HELP!
- Don’t Miss Deadlines
This year the due date for filing your 2024 Tax Returns is April 15, 2025, this is also the last day to file an extension to file your taxes. If you file for an extension the new due date to file your tax returns is October 15, 2025.
If you were subject to a natural disaster this year, the IRS provides tax deadline extensions. To find the most up to date information on these extensions visit the IRS’s webpage HERE.
If you plan to file early make sure you have all of the necessary information, like W2s, 1099s, tax forms that report other sources of income, like interest payments you may receive from a bank account, banking information and social security numbers of all individuals on the tax returns to be filed.
- Don’t Let Another Year Go By!
If you file without the correct information this year or failed to file or pay in previous years, the IRS provides means for taxpayers to rectify this. A taxpayer can file an amended return to correct mistakes from past filings. Bryson Law Firm, LLC and Bryson Accounting and Tax, LLC can help get you up to date and help handle any consequences from a failure to file or failure to pay.
