Since it's time to start filing taxes, a tax expert from Jackson Hewitt says there's a benefit to filing early this year.
Mark Steber, a tax information officer with tax service company Jackson Hewitt, joined ABC7 Chicago live to give viewers tips for tax season.The key to getting a refund is simple: File your taxes as soon as you can before April 18, or Tax Day.RELATED: Your tax refund may be smaller this year; here's why
Having your documents ready sooner rather than later helps flag any life or tax changes that you or your tax professional may have questions about. When you file early, you avoid racing against the clock to find that missing receipt or tax document."File early; you lock your data up with the IRS," Steber said.
Refunds will be smaller this year after pandemic tax law changes like stimulus payments came to a close. "All those expired last year as the pandemic has calmed down," Steber said. "So, they'll be lower, but they'll be lower than last year, which was really a monumental year for refunds."Early in the pandemic it took a while for people to get their refunds. Things are looking up because the IRS has seen recent staffing increases.
Whether or not refunds will be processed faster this year, Steber said that avoiding paper will save time. Filing your taxes electronically and using an electronic deposit method will cut time needed to mail forms or checks.Copyright © 2023 WLS-TV. All Rights Reserved.
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