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What you need to know as tax season approaches

Posted at 7:13 PM, Jan 25, 2022
and last updated 2022-01-25 20:13:17-05

Tax season starts this week and filing taxes for some can be tricky.

In a study conducted by Pew Research about 34 percent of Americans like or even love doing their taxes. That's because on the other side of filing those taxes lies their refund. Still, Pew Research found 56 percent dislike doing their taxes and state it to be complicated.

David Ritter, Accounting, Economics/Finance Associate Professor, A&M Central Texas said, “You may have some investments, you may several sources of income and every time you get something else… it becomes more difficult to file your taxes.”

He gave a suggestion that can assist low to moderate-income individuals, persons with disabilities, the elderly, and limited English speakers. The program that can help is called VITA, it's organized by IRS.

“Take advantage of VITA, The Voluntary Tax Assistance,” said Ritter.

The more businesses and assets you have the more complex filing your taxes become said Ritter.

Get someone who is knowledgeable on tax law to assist you on how to prepare your records," Ritter said.

Residents in the Central Texas area have other ways to file their taxes as well.

Laura Ortiz, a resident in Killeen said, "I use turbo tax."

Online platforms are easy to use in Ortiz's opinion.

“They give you step directions and it’s a piece of cake," Ortiz said.

There are many online platforms out there but above all, tax professionals advise you to ensure you have a 1040 form, it's the form that determines how much you owe taxes on.

If you freelance, ensure you file a 1099 form and if you're an employee, look out for a W-2 form from your employer.