BECKLEY, WV (WVNS) — 2021 made a big impact on many lives across the country and as tax season approaches, those impacts are about to make filing your taxes a bit difficult.

This year the IRS will start accepting personal tax returns on Monday, January 24, 2022. However, major changes and unique situations like pandemic unemployment, stimulus checks, and even Child Tax Credit Advanced payments will make filing taxes challenging for early filers. General Manager of TR Tax in Beckley, Tony Martin, said folks should gather all their paperwork before filing.

“That’s all your W-2’s, your 1099, things of that nature, make sure you have them all together because again, if we have to go back and do amended returns and stuff like that with the IRS backlog, if you’re due a refund you may be waiting a very long time to get that refund if we have to go back and correct something,” Martin said.

One new aspect to tax filers this year is the Advanced Payments on the Child Tax Credit that started for qualified taxpayers in July 2021. Divorced parents, custody changes, or other changes to dependents could cost those taxpayers.

“If you claimed your child on your 2020 tax return chances are you received advanced child tax credits because it was based on the 2020 tax return and now you don’t have the child. There’s a potential you have to pay that credit back,” Martin said.

However, Martin said for tax payers facing this, there are income levels to determine if or how much will need to be paid back. So far, the IRS has the following guidelines on Child Tax Credit repayment protection:

  • $60,000 if you are married and filing a joint return or if filing as a qualifying widow or widower;
  • $50,000 if you are filing as head of household; and
  • $40,000 if you are a single filer or are married and filing a separate return.
    For more information on advanced Child Tax Credit Payments: Child Tax Credit

Then, there are stimulus checks that went out in January of 2020. Some taxpayers received them that shouldn’t have, or didn’t receive them when they should have. Knowing exactly how much you were supposed to receive can go a long way to expediting this years return.

“Then I would recommend you go to IRS.GOV, you create an online tax account this way you can see all of your tax information right online. That way you can print out before you have your taxes done that information.”

__________How to Set up Account____________

As 2021 saw several tax changes and atypical tax situations arose, the IRS has several tips for taxpayers this year. While tax refunds are generally anticipated and used for large purchases, catching up on debt, or additions to savings, most costly delays in that refund can be avoided. The IRS suggests tax payers:

*Don’t file until all documents are received
*File Electronically and choose direct deposit
*Pay all 2021 estimated tax payments by Jan 18th and
*Set up an IRS.GOV account for missed notices

These steps may take extra time but will save taxpayers in the end with timely acceptance of their returns and issuance of their refunds. While the IRS may be accepting returns earlier this year, they are still dealing with a massive backlog over the last two years due to COVID-19.

Taking extra steps now to avoid amendments or changes due to new or late arriving documents, changes in amounts, or other situations will help get those refunds to your bank account faster.

The bottom line for taxpayers this year is to be prepared, slow down, and when in doubt, ask a professional. For those expecting refunds, making sure everything is right the first time will go a long way to limiting your wait for your refund.

For all the latest on the 2021 Tax Season, the IRS has a news release which can be found here.
For more information on Tony Martin and TR Tax – Tax Return Specialists, LLC in Beckley, visit their Facebook Page or dial 304-255-2113