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Tax tips to boost, speed up refunds
The tax deadline is fast approaching and you have two weeks left to file. They're due on April 18 this year. FOX 26's Consumer Reporter Heather Sullivan has some tips when it comes to filing this year.
HOUSTON - That ticking sound you’re hearing is the tax deadline fast approaching. You have two weeks left, as returns are due April 18, 2023.
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The IRS says mistakes are the top reason refunds get delayed. So be sure to double-check all of your numbers and math, plus your name, social security number, address, filing status, as well as everything else.
To speed up your refund, file electronically and set up direct deposit, so the funds go directly into your account.
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Why you should file your taxes early
Why wait? Preparing your tax paperwork early comes with many benefits.
Plus using software helps you avoid errors and helps ensure you get all the credits you qualify for, such as the Earned Income Tax Credit.
Refunds will be smaller this year because stimulus checks and the boosted Child Tax Credit have ended.
IRS SAYS YOUR TAX REFUND COULD BE SMALLER IN 2023 – HERE'S WHY
But there is still a Child Tax Credit, just not as big, and a daycare credit.
Other ways to boost your refund are to put up to $6,000 in an IRA, or $7,000 if you are over age 50.
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If you made energy-efficient home improvements, such as new windows, doors, or insulation, you can claim a credit of up to $500.
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Advice for filing taxes with payment app information
We're making all of that tax filing paperwork easier for gig workers who may be employed by bars or other jobs.
And if your adjusted gross income is $73,000 or below, you can file your taxes for free through Free File. Those who qualify can also get free tax prep help through BakerRipley and the IRS's Volunteer Income Tax Assistance sites.