What to keep in mind while filing this tax season - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

What to keep in mind while filing this tax season

Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
AMARILLO, TX (KFDA) -

Now that W-2's and 1099 forms have been released, CPA's across Amarillo are booked solid, helping people file their taxes.

Some of the most notable changes this year are delays in the "Earned Income Tax Credit" and the "Additional Child Tax Credit."

According to the IRS, these delays are part of the "Protecting Americans from Tax Hike Act" which is intended to safeguard against tax fraud.

"It requires the IRS to hold onto refunds that were affected by the Earned Income Tax Credit or Additional Child Tax Credit," said IRS spokesperson Clay Sanford. "We had to hold onto them until last Wednesday (Feb.15), so they are now released and in the system."

In order to get your refund as soon as possible, it is important to file electronically and have a direct deposit set up for your account.

While local accountants encourage people to file early, their number one recommendation was to be organized before making a payment.

Any mistakes can delay the process or cause your taxes to be rejected.

"Make sure that you have all your paperwork because you don't want to go back and have to file an amended return" said local account Lloyd Kruckeberg. "If you don't know if you have everything, you can go to the local IRS office and request a transcript of everything reported to the IRS."

During the busier days of tax season, the fastest way to get help is to look up any issue on the IRS website

This year, taxes are due on April 18, three days later than usual.

This is because April 15 falls on a Saturday and Washington D.C. observes Emancipation Day on the following Monday.

Copyright 2017 KFDA. All rights reserved.

Powered by Frankly