IRS resources to help taxpayers through all stages of the filing process

Now that the filing season has begun, the IRS reminds taxpayers that IRS online tools and resources provide the fastest way to get information and answers they need to file their federal tax returns. IRS.gov tools are easy to use and available 24 hours a day. People can use these tools to find information about their tax accounts, get answers to tax questions or file and pay taxes.


Get answers with the Interactive Tax AssistantTaxpayers who experienced changes to their income or other life events in 2021 could be eligible for tax credits and deductions that can put more money in their pockets. Thinking about eligibility now can help make tax filing easier.


The Interactive Tax Assistant answers general tax law questions, like determining eligibility to claim certain credits and deductions or if a type of income is taxable.


File electronicallyThe IRS strongly recommends individuals, especially those who don't usually file a tax return, to file electronically for faster return processing and refunds. Using tax preparation software or a trusted tax professional will help guide people through the process and avoid making errors.


It's important that taxpayers wait until they have all their income statements and documents that support deductions and credits they claim in-hand before filing. Filing an incomplete or inaccurate return will cause processing and refund delays. There are several free options are available for eligible taxpayers. These include IRS Free File, MilTax for military service members and some veterans, the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.


Use direct deposit for tax refundsDirect deposit gives taxpayers faster access to their refund, rather than waiting on a paper check. Individuals can use a bank account, prepaid debit card or mobile app to use direct deposit but will need to provide their accurate routing and account numbers. Taxpayers can open an account at an FDIC-insured bank or through the credit union locator tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.


Information on IRS Online AccountTaxpayers can use IRS Online Account to securely view their personal tax information, which is helpful when preparing to file their tax return or following up on balances or notices. Taxpayers can view their adjusted gross income from their last tax return, the total of any estimated tax payments they made, and their Economic Impact Payments and advance child tax credit payment amounts needed to file a complete and accurate return. Eligible families who did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the child tax credit when they file a 2021 federal income tax return this year. This includes families who don't normally need to file a return.


Online Account now allows taxpayers to change their communication preferences to go paperless for certain notices from the IRS and receive email notifications when the IRS sends them a new digital notice. They can also make payments through their online account, including payments for an extension to file.

"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 10
Burr Ridge, IL 60527
Phone (630) 320-3720