Research shows that if you’re dreading tax season, you’re not alone.
According to the Pew Research Center, 47% of Americans say they are bothered a lot by the complexity of the federal tax system. Other taxpayers stress out over getting the details right. In a Credello survey, 22% of respondents say not maximizing their refund is their biggest fear around doing taxes, while another 22% said their biggest fear is making a mistake.
“Many Americans rely on their tax refund to make ends meet. Accessing those funds should be fast and easy,” says Chad Prashad, president and CEO of World Finance.
To help you get a handle on your taxes, World Finance is drawing on its 26 years of filing expertise to offer these timely tips:
• Get ready early. As soon as your employer provides your W2, you can file your taxes. Having all other documentation and receipts ready to go will help expedite the process, which means you will get your tax return faster, too. Collect the necessary materials in one place before filing.
• Consider significant life changes. Did you move in 2022? Have a baby? Get married? Change jobs? Each of these monumental life events can have an impact on your taxes, so be sure to disclose these factors when filing or to the professional filing on your behalf.
• Know what’s new. Visit IRS.gov to learn about any changes to tax filings that are applicable to you. A tax services professional can also help you identify relevant updates. World Finance tax pros have year-round training to stay on top of the latest tax filing requirements and are ready to tailor tax services to each tax customer’s financial situation.
• Review and adjust. Once you know what your return is going to be this year, make any necessary adjustments to your W2 to make sure you’re withholding enough during the year. If this is your first year working with a professional tax service, have them review your previous years’ filings as well. You may be able to recover additional refunds if anything was missed. World Finance offers this service for no additional charge.
• Consider a tax refund loan. After filing, you can potentially take out a loan for the amount of your expected refund. This is known as a tax refund loan and an option to consider if you need your refund as soon as possible.
• Work with a professional. Filing your taxes with a software program is a low-cost option, but only if you have time to dedicate to the task, and the know-how to get your biggest possible tax return. Working with a reliable, trusted tax preparation service can help ensure your taxes are filed correctly, and your return is as substantial as it can be. Look for a service that offers transparent pricing, flexible filing options, and same-day Tax Advance Loans, such as World Finance.
Tax season doesn’t need to create headaches, fears, or anxieties. By gathering important tax documents in advance and understanding your filing and refund options, you can have confidence that you’ve maximized the value and timeliness of your tax return.