ELMIRA N.Y. (WETM) – Tax season is officially in full swing. If you haven’t filed your taxes, we have some tips to help get you on track.
Step 1. Organize your records
- Keep all important documents (W-2s, 1099’s, Morgage documents, etc.)
- Collect receipts that you have piled up during the year.
- Be careful to not throw out any tax-related documents, even if they don’t look important.
Step 2. Find the right tax documents
- You can view and download a large catalog of forms for your 2022 taxes at the Internal Revenue Service Website or have them sent to you by mail.
Step 3. Itemize your tax deductions
- A tax deduction is an item or expense that can reduce the taxes a person owes in a given year.
- You can deduct the portion of medical expenses that exceed 7.5% of your adjusted gross income for 2022.
- Interest paid on college student loans
- Home Office tax deduction
Step 4. Provide Dependent taxpayer’s IDs on your tax return
- Make sure identification and social security numbers for your children and other dependents are provided on your return.
Step 5. File and pay on time
- If you can’t finish your return on time, make sure you file Form 4868 by April 18th, 2023. This form gives you an extension of the filing deadline until October 16th, 2023.