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The First Day of Tax Season: What You Need to Know

Tax season has officially begun in the United States, marking the first day you can file your federal income tax return for the year. As millions of Americans prepare their paperwork, here’s a guide to ensure you’re ready to file with ease and confidence.

Key Dates to Remember

  • Opening Day: The IRS typically starts accepting and processing returns in mid-to-late January. Check the IRS website for the exact start date each year.
  • Deadline: Taxes are due on April 15, unless it falls on a weekend or holiday, in which case the deadline shifts to the next business day.
  • Extensions: Need more time? You can file for an extension by April 15, giving you until October 15 to submit your return, though payments are still due by the original deadline.

Steps to Get Started

  1. Gather Your Documents:
    Collect all necessary paperwork, including:

    • W-2s from employers
    • 1099 forms for additional income, such as freelance work or investments
    • Last year’s tax return
    • Documentation for deductions (e.g., mortgage interest, charitable contributions, medical expenses)
  2. Double-Check Personal Information:
    Ensure your Social Security Number (SSN), dependents’ SSNs, and bank account details for direct deposit are accurate.

  3. Understand Tax Changes for the Year:
    Tax laws can change annually, impacting deductions, credits, and filing thresholds. Look out for updates that might affect you, such as:

    • New income brackets
    • Adjustments to standard deductions
    • Changes to child tax credits or education credits
  4. Choose the Right Filing Method:

    • DIY Filing: Use reputable tax software if your return is straightforward.
    • Professional Help: If your taxes are complex or involve business income, investments, or multiple deductions, consider hiring a tax professional.
    • Free Resources: Low-to-moderate-income taxpayers may qualify for free tax preparation services, like the program offered by the Jurupa Valley Coalition in partnership with Tyler Byrne.

Common Pitfalls to Avoid

  • Missing Documents: Filing early is great, but ensure you have all your forms. Missing a 1099 or W-2 can lead to amended returns and delays.
  • Ignoring Errors: Double-check numbers, names, and account details before submitting. Even small mistakes can cause processing delays.
  • Overlooking Deductions: Maximize your return by claiming all eligible deductions, such as education expenses, energy-efficient home upgrades, or medical bills exceeding 7.5% of your income.

Benefits of Filing Early

  • Faster Refunds: Filing sooner means getting your refund faster, especially if you opt for direct deposit.
  • Time to Address Issues: Early filing allows you to fix errors or track down missing forms without the pressure of an impending deadline.
  • Avoiding Fraud: Filing early reduces the risk of someone fraudulently using your SSN to file a fake return.

Final Thoughts

The start of tax season doesn’t have to be stressful. With preparation and the right resources, you can breeze through the process and take advantage of every opportunity to save.

If you’re in the Jurupa Valley area, take advantage of free tax preparation services offered by the Jurupa Valley Coalition and Tyler Byrne. Together, we’re here to help you navigate tax season and make the most of your return.

For more information or to schedule an appointment, visit www.jvcoalition.org.

File smart, file early, and let’s make this tax season a success!

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