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Tax experts offer end-of-the-year tax prep tips

Published: Dec. 17, 2021 at 11:39 AM EST
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ROANOKE, Va. (WDBJ) - It’s the most wonderful time of the year, and experts at Liberty Tax say the holiday season also gives you plenty of prep time for tax season.

“You’re getting your presents wrapped and all of that so get your receipts, get them in order,” says General Manager Karyl Bailey. “You put off getting those receipts together. Go ahead and do that during the Christmas holiday, you’re relaxing, take an hour of time and put that stuff together.”

There’s also an important update for anyone who received child tax credits this year or donated to charity.

“What’s going to happen is everyone who got the child tax credit is going to get a letter that tells them how much money they’ve got, what they’re entitled to, and that has to be brought to their tax preparer so that is a new thing we’ve just learned in the last couple of days,” explains Bailey. “Any contributions you can make throughout the year, you are going to be able to take off a portion of those on your taxes so that has been returned to your income tax return.”

So far, there are no delays expected this year, and folks can even log on to the IRS website and set up a personal account for added security.

“You’ll have to have a couple of pieces of verification, information such as if you’ve had a credit card if you’ve had a mortgage,” advises Bailey. “It protects your identification number one and number two, you can see your taxes however far back you would like you can get your own transcript.”

The sooner you can file your taxes, the faster the IRS can process your return.

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