ROCKFORD, Ill. (WTVO) — Tax Day is quickly approaching.
The deadline to file 2022 tax returns with the IRS is April 18, but there is a solution for people who need more time.
Residents can file for an extension that will give them until October 16 to send in their tax return. The IRS said that it is processing returns and sending out payments this year faster than in 2022.
However, tax refunds could be lower this year, whether a person files now or gets the extension. There are some ways to make the process go as smoothly as possible.
Residents need to have their W-2s, 1099 forms and any bank interest statements. They also need personal ID information, such as a social security number and driver’s license, on hand.
The weekend and a D.C. holiday pushed back the April 15 date to the 18th, but the biggest change that people will notice this year is the expiration of pandemic-era breaks.
“So that means no more stimulus payments,” said Ted Rossman of Bankrate.com. “The child tax credit, which was expanded last year, is now back to its normal level. There also used to be an expanded child and dependent care credit. That’s no more. Charity deductions, you now have to itemize to claim those.”
“Most people get a refund when they file, and those people are going to be experiencing a little bit lighter of refund check this year,” added IRS spokesman Luis Garcia. “Right now, they’re running an average of about 11% less than they were the year before.”
Residents that want to hire a tax professional should first verify their preparer ID with the IRS and look them up on Better Business Bureau for any complaints.