TYLER - Tax season might not be your favorite time of the year but it's something that has to be done. Texas doesn't have state income tax, so all you have to worry about is federal.
I spoke to a tax professional about important things to remember when doing your taxes. First is the newly passed tax law.
"Most of the new legislation will be forward for the next few years," CPA/Tax expert Robert Rohrbach says.
This means changes to the tax law will take effect next tax season.
Second, if you are employed, your employer must send you a form called a W-2 by the end of January.
This will have your total income and how much money you have withheld from your paycheck.
If you are a contract employer or have investments you will receive a 1099 from every client that has paid you more than $600.
There are many possible deductions you can make to help save you money on your taxes.
1. Dependents- The IRS lists this as someone you support such as your children.
2. If you have put money towards your retirement accounts, those can be listed as deductions as well.
3. Sales tax on new cars or homes can also be added to the list.
4. Gas mileage for driving for business, health care, moving and giving to charitable organizations can also be deducted.
For those with investments including bitcoin, you must report them. From there you have a choice on how you can send your file to the IRS.
"You have a lot of options you can use a professional like our firm here, or you could also go online,” Rohrbach says. “There are several good online packages that are free that will walk you through your first return."
The IRS provides all the information and companies they suggest you use for filing your taxes online. That information is available on their website IRS.gov.
Depending on your investments, withholding and deductions, the IRS could send you a refund. Estimated time is to receive your refund is two weeks after filing.
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