The new year is in full swing and that means more than trying to stick to resolutions. It means that tax season is here.
The IRS typically sees over 150 million tax returns each year. Filing taxes can be difficult and intimidating if you don’t know what you are doing, but the most important thing to remember is that taxes need to be filed by April 17.
The earlier you file your taxes the better, because it decreases your chances of falling victim of identity theft. Identity thieves typically try to files taxes under someone else’s identity before the real taxpayer does in order to the punch. Identity theft is a scary reality that can happen to anybody, and the fact that data breaches have exposed over 170 million records makes the possibility of identity theft more likely. Besides increasing your chances of avoiding identity theft, filing your taxes early can prove to be valuable if there are errors with your W2s.
With a new tax reform bill passed by Congress, everyone should expect changes. One of the biggest keys to the bill is the amount of money people can hold onto from being taxed. However, that can be misleading for big families who won’t see as much money as others. The bill will also impact things like mortgage interest, but most of the bill’s features won’t go into effect until the 2019 tax season.
Filing taxes can be stressful and difficult, but there are plenty of resources out there to help. Last year Tax Help Colorado assisted over 8,000 people with their taxes, and they’re back at it again. Tax Help Colorado helps people who earn less than $54,000 a year by providing free tax support. If you wish to use this service, you can receive help at participating schools like Red Rocks Community College and Mountain Range High School. For more information, visit www.piton.org/tax-help-colorado.
IRS programs like Volunteer Income Tax Assistance and Tax Counseling for the Elderly offer free help for those who make up to $54,000 a year. These programs help people with things like social security benefits, interest and dividends and other things. Volunteer Income Tax Assistance and Tax Counseling for the Elderly are offered at places like libraries, malls and schools. To find a location near you call 888-227-7669. Other services like TurboTax help make filing for taxes much easier. TurboTax is free, and those who wish to use it can by visiting www.turbotax.com.