ANOTHER VIEW: Now is the time to prepare for tax season
Tax season is almost here.
On Jan. 8, the Internal Revenue Service announced it will begin accepting and processing 2023 tax returns Jan. 29.
That means you should be receiving your W-2 form from your employer in the mailbox by the end of January or beginning of February.
With less than two weeks to go, now is the time to collect all necessary information such as Social Security numbers and proof of identity for all individuals whom you will be claiming on your tax return.
In addition, gather all W-2s and 1099 forms to report other types of income such as self-employment, retirement, rental, savings and investments or dividends and any other income received in 2023.
Also find all receipts and documents for items you plan to deduct on your tax return such as medical expenses, health insurance, charitable and IRA contributions, interest from student loan payments, selling real estate and childcare and business expenses.
It is also important to make sure you are up-to-date on the current tax laws.
As in previous years, the IRS has made several significant changes ahead of this year’s tax season.
According to the IRS, some of the changes to keep in mind when preparing your taxes include the standard deduction increased slightly, the income tax brackets for each rate shifted slightly to account for inflation, the Earned Income Tax Credit increased slightly and the dollar limitations for employee salary reductions for contributions to health flexible spending arrangements have increased.
If you will be preparing your own taxes this year, there are several things to keep in mind.
·Make sure all names, Social Security numbers and addresses are correct.
·Report all income received in 2023.
·Sign and date your tax return and include all pertinent documents showing income received if you are mailing your return to the IRS, PA Department of Revenue, and local tax collector.
·Include any payment if you owe the government or your bank account information for direct deposit if you are owed a refund.
If you need help preparing your taxes, AARP Foundation Tax-Aide offers free tax help for senior citizens and low-income residents.
Certified Tax-Aide volunteers will be available beginning early February by appointment only at several site locations throughout the Lehigh Valley including:
·Lehigh Valley Active Life, 1633 W. Elm St., Allentown.
·Calvary Baptist Church, 4601 W. Tilghman St., South Whitehall.
·Emmaus Moravian Church, 146 Main St., Emmaus.
·Lower Macungie Library, 3450 Brookside Road, Macungie.
·Northampton Recreation Center, 1 Lerchenmiller Drive, Northampton.
For a complete list of free Tax-Aide site locations and how to make an appointment for each site, go to aarp.org/money/taxes/aarp_taxaide.
Remember the deadline to file your 2023 tax return is April 15.
Whether you are preparing your own taxes or need help with your tax return, now is the time to get started.
Susan Bryant
editorial assistant
Parkland Press
Northwestern Press