In BLOG, Money Matters

Written by: M Katie Helle, CPA

This time of year, when listening to the radio or watching your favorite show, you often hear or see an ad to file your income tax return.  You will likely be filing an income tax return if you have earned money.  There are some essential things to know about filing a tax return.

  1. Determining if you have to file is usually based on your filing status, gross income, and age. When filing as “single,” you typically file an income tax return if you are under 65 years of age and your federal gross income is $12,950 or more.
  2. The Internal Revenue Service (IRS) provides links to file your tax return for free using either guided services or fillable forms. To qualify for free tax filing, your Adjusted Gross Income must be less than $73,000.  You can click here to file for free.  The benefit of filing using a guided service is filing electronically, resulting in quicker processing time if a tax refund is due.  With the IRS backlog from the COVID-19 delays, paper tax return filings are not recommended due to lengthy processing times.  If you are required to file in the state you reside in, there may be charges for guided preparation services for each state.
  3. Once you have filed your income tax return, the IRS provides a tool to check your refund status. You can click here to track your refund.  Tracking your refund is helpful to determine when the refund monies are expected to be direct deposited to your bank account.
  4. The IRS provides helpful links on its website for individual filers. You can click here to bookmark this link for future reference.

If your tax filing is more complex, you can always get assistance from a tax professional.

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Katie Helle has been in public accounting since 2009, with experience in individual and small business taxation, specializing in payroll and sales tax reporting and compliance and QuickBooks accounting software. She is an Arizona native and resides in Chandler, Arizona with her husband, young daughter, and two goldendoodles.  Outside the office, she is actively involved with community outreach, enjoys fitness, and can be found with a power tool or two in her hand for her many crafts.