(WTNH) — Tax Day is coming up in less than a week. If you haven’t done it already, we’re Stretching Your Dollar with what you’ll need to get started and what’s changed this year.
This year, you have a few extra days to submit.
“It’s usually April 15, but because of a weekend and because of a holiday Emancipation Day in D.C., it got pushed back to April 18th,” Ted Rossman of Bankrate.com said.
As you get ready to do your taxes, gather your income documents such as W-2s and 1099s, as well as your bank statements — if you earned interest on your bank accounts.
“Basically anything that you get that says important tax documents enclosed in the mail,” IRS Spokesman Luis Garcia said. “You want to make sure you gather that up.”
And make sure you have personal identifying information for you and your dependents — like social security numbers and drivers licenses.
If you are hiring a tax professional, check the Better Business Bureau for any complaints and verify their preparer tax identification number in the directory on IRS.gov.
This year, the biggest change you’ll notice is that the pandemic-era tax breaks have expired.
“So that means no more stimulus payments,” Rossman said. “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.”
As a result, your tax refund may be lower this year.
Right now, refunds are running about 11% less than they were last year.