This year’s tax season is approaching, and it won’t be much different from last year due to the ongoing pandemic.
“If you’re considering last year, I don’t think it’s going to be much different because we still had stimulus payments that came out, and they will be handled similarly to last year” said Dave Deffinbaugh, a certified public accountant at Deffinbaugh Financial Services in Great Falls.
The only thing different will be the Child Tax Credits that were given out.
“That’s something that people will need to make sure that they track” Deffinbaugh explained. “Just so that it’s properly shown on the return and you know, they can get the double dip”
Unfortunately, processing delays are becoming more and more common every year.
“It always used to be that you can file a return and you can expect that about three weeks later, they would get their refund. That does not seem to be the case now. I recommend filing as soon as possible in order to expect the refund sooner.”
Deffinbaugh wanted to share a new tool on the IRS website that will make filing easier that not many people know about yet.
“On this site, once they get themselves set up to where they can see it, they will be able to get information that they will need to be able to do their tax returns. By having themselves set up with an online account, they will be able to see what the record show and whether they have received the stimulus payment or whether they haven’t.” he explained.
The site is a great tool that has all the stimulus and child tax payments in one place, making remembering what was received a breeze.
The tax season doesn’t have to be a headache, and there are always accountants like Deffinbaugh who are willing to help make the process easier.