The Atlanta Journal-Constitution
Tax season already?
It’s that dreaded time of year again, and here are some tips for avoiding stress and scams.
NEW YORK — For many people filing income tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. But if you want to avoid the stress of the looming deadline, start getting organized as soon as possible. Whether you do your taxes yourself, go to a tax clinic or hire a professional, navigating the tax system can be complicated and
When is the deadline to file taxes?
Taxpayers have until April 18 to submit their returns from 2022.
What do I need to file my tax return?
While the required documents might depend on your individual case, here is a general list of what everyone needs: Social Security number W-2 forms, if you are employed
1099-G, if you are unemployed
1099 forms, self-employed
Savings and investment records
Any eligible deduction, such as educational expenses, medical bills, charitable donations, etc.
Tax credits, such as child tax credit, retirement savings contributions credit, etc.
To find a more detailed document list, visit the IRS website.
Tom O’saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all of your documents in one place before you start your tax return and also having your documents from last year if your financial situation has drastically changed.
Theresa Grover, site coordinator for the Volunteer Income Tax Assistance (VITA) program at Northeast Wisconsin Technical College, also recommends taxpayers create an identity protection PIN number with the IRS to guard against identity theft. Once you create a number, the IRS will require it to file your tax return. if you are
How do I file my taxes?
You can either file your taxes online or on paper. However, there is a great time difference between the two options. Paper filing can take up to six months for the IRS to process, while electronic filing cuts it down to three weeks.
What resources are out there?
For those who make $73,000 or less per year, the IRS offers free guided tax preparation that does the math for you. If you have questions while working on your tax forms, the IRS offers an interactive tax assistant tool that can provide answers based on your information.
Beyond the popular companies such as Turbotax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers a directory of tax preparers across the United States.
The IRS also funds two types stressful. Courtney Alev, a consumer financial advocate for Credit Karma, recommends you go easy on yourself.
“Take a breath. Take some time, set out an hour, or go through it over the weekend. You’ll hopefully see that it’s a lot simpler than you think,” Alev said.
If you find the process too confusing, there are plenty of free resources to help you get through it.
Here are some things you need to know:
This year should be a better experience for taxpayers, with the IRS receiving additional funding, adding 5,000 customer service representatives, and reducing a large backlog of tax returns that had slowed down the agency.
Treasury Secretary Janet Yellen intends for the agency to offer better customer service this year. She set a goal for the IRS to answer 85% of telephone calls during this filing season. That figure plummeted to a historic low of about 10% during the 2021 filing season. of programs that offer free tax help: VITA and the Tax Counseling for the Elderly program (TCE). People who earn $60,000 or less a year, have disabilities or are limited English speakers, qualify for the VITA program. Those who are 60 or older, qualify for the TCE program. The IRS has a site for locating organizations hosting VITA and TCE clinics.
If you have a tax problem, there are clinics around the country that can help you resolve these issues. Generally, these tax clinics also offer services in other languages such as Spanish, Chinese and Vietnamese.
How can I avoid mistakes?
Many people fear getting in trouble with the IRS if they make a mistake. Here’s how to avoid some of the most common ones:
Double check your name on your Social Security card.
When working with clients, O’saben always asks them to bring their Social Security card to double-check their number and their legal name, which can change when people get married.
“You may have changed your name but you didn’t change it with Social Security,” O’saben said. “If the Social Security number doesn’t match to the first four letters of the last name, the return will be rejected and that will delay processing.”
Search for tax statements when you have opted out of paper mail.
Many people like to opt out of snail mail but when you do, it can also include your tax documents.
“If you didn’t get anything in the mail doesn’t mean that there isn’t an information document out there that you need to be aware of and report accordingly,” O’saben said.
Make sure you report all of your income.
If you had more than one job in 2022, you need the W-2 forms of each — not just the one from the job you ended the year with, says Christina Wease, interim director of the tax clinic at Michigan State University.
Additionally, if you have a business that uses Paypal or Venmo as a service, it must be reported in your tax return. For 2022, the use of those services needs to be reported if they amounted to 200 transactions in the calendar year and more than $20,000 in sales from goods or services.
What if I make a mistake?
Mistakes happen, and the
IRS takes different approaches depending on each case. In general, if you make a mistake or you’re missing something in your tax records, the IRS will audit you, Alev said. An audit means that the IRS will ask you for more documentation.
“Generally, they are very understanding and willing to work with folks. You’re not going to get arrested if you type in the wrong field,” Alev said.
What if I haven’t filed for years?
Wease explains that you can file taxes late and, if you were supposed to get a refund, you might still get it. If you haven’t filed for years and you owe money to the IRS, you may be hit with penalties but the agency will work with you to manage payment plans.
How can I avoid scams?
Tax season is prime time for tax scams, according to the IRS. These scams can come via phone, text, email and social media. The IRS uses none of those means to contact taxpayers.
Sometimes scams are even operated by tax preparers so it’s important to ask lots of questions. If a tax preparer says you will get a refund that is larger than what you’ve received in previous years, for example, that may be a red flag, O’saben said.
If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries.
How long should I keep copies of my tax returns?
It’s always good practice to keep a record of your tax returns, just in case the IRS audits you for an item you reported years ago.
Both Wease and O’saben recommend keeping copies of your tax return documents for up to seven years.
Franchise quarterbacks stayed put. That was a key part of the definition — “franchise” QB, singular, as opposed to “franchises,” plural. Please note the use of past tense in those two sentences.
Tom Brady just completed his third season for a team other than the Patriots. Matthew Stafford won a Super Bowl, though not for Detroit. Russell Wilson is based in Den
ver, Deshaun Watson in Cleveland. Matt Ryan spent last season working for an organization not headquartered in Hall
County.
Jared Goff and Carson Wentz, drafted 1-2 in 2016, were treated and paid like franchise quarterbacks. Wentz took the Eagles to the playoffs three years running, though he kept getting hurt and yielding to Nick Foles; Goff led the Rams to a Super Bowl. Their franchises tired of them. Goff was traded to the Lions. Wentz was shipped to the Colts, then to the Commanders.
Lamar Jackson isn’t Goff/ Wentz. He was the 2019 MVP. He just turned 26. He has, however, missed significant time at the end of the past two seasons — five games in 2021, five plus
a playoff game this time. The Ravens lost eight of those 11.
An odd vibe surrounded his latest injury. Receiver Sammy Watkins, who hasn’t worked a full NFL season since 2014, told the Washington Post that Jackson should, er, play hurt. (Because this worked so well for Robert Griffin III.) Said Watkins: “He’s got an opportunity to win a Super Bowl. I hope he hobbles back out there. … Put him out for the pass plays and don’t run him at all.”
In defense of their leader, other Ravens reported that Jackson was still limping. He took to Twitter, saying there was no chance of him playing on Wild Card Weekend. “I suffered a Grade 2 PCL strain on the borderline of a 3. There is still inflammation in my knee, and my knee remains unstable.”
He didn’t make the trip to Cincinnati. The Ravens lost. They face an offseason in which Jackson is eligible for free agency, though they could keep him by affixing the “franchise player” tag to their franchise quarterback. Negotiations for a new contract collapsed in September. He’s believed to want at least what Watson got from Cleveland — $230 million, all guaranteed. Jackson is represented by his mother.
If you had to bet, you’d put money on him sticking with Baltimore. Still, we recall that Watson recused himself from playing for the Texans long before allegations of sexual abuse became public. He wanted out of Houston. He got out of Houston. It isn’t yet clear if — or why — Jackson would want out of Baltimore.
By now, you’ve guessed where this is leading. The Falcons’ quarterback of the moment is Desmond
Ridder, who has started four NFL games. He might pan out. It’s doubtful he’ll ever be as good as Jackson. The Falcons are coached by Arthur Smith, who has a deft hand with the running game. Over five seasons, Jackson has topped 1,000 rushing yards twice. (Over 13 seasons, Michael Vick topped 1,000 once.)
Jackson is from Florida. He played collegiately at Louisville. As landing spots go, Atlanta should top his list. The Falcons have gifted young receivers in Kyle Pitts and Drake London, plus a 1,000-yard back in Tyler Allgeier, plus a Pro Bowl lineman in Chris Lindstrom.
The Ravens would have to mess up royally to lose Jackson. Offensive coordinator Greg Roman has stepped aside, surely a move to placate the franchise QB. Asked if his team will keep Jackson, coach John Harbaugh said, “100%, you know, 200% … It’s going to get done.”
And yet: It’s not done. The longer this goes, the greater the chance Jackson says, “That’s it. Get me out of here.” Which would leave the Ravens with only bad choices: Do they slap the tag on a disgruntled quarterback, or do they work a trade and commit to starting over?
Not saying Jackson-tothe-falcons will happen. Am saying it might.
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