Tax Season 2022: Substantial changes are coming
Taking time to perform a mid-season tax update will prepare you for a simple tax season come the turn of the year.
TWIN FALLS, Idaho (KMVT/KSVT) — Tax season is still months away, and far from many minds. But tax experts are urging filers to take a peek at the upcoming tax season to ensure an easy filing process.
The 2022 tax code has some substantial changes when compared to 2021.
From the removal of some COVID-era tax breaks to the IRS cracking down on small business transactions that take place on third-party software like Venmo or PayPal.
According to Mark Steber, Chief Tax Information Officer at Jackson Hewitt, taking time to perform a mid-season tax update will prepare you for a simple tax season come the turn of the year.
He says without it you could miss out.
“You’re probably missing the opportunity to make it a less stressful event and you may overlook some of the benefits that may be available to you, even if you’re using a qualified, competent, trained preparer, who you need to have a robust discussion with. If you’re doing it to yourself, you’re just throwing caution to the wind,” said Steber.
Steber advises speaking with a tax professional, even this early in the process, which can help you prepare the best possible return.
Though he does warn that 2022 returns will likely be smaller than 2021.
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