PORTLAND, Ore. (KOIN) — It’s now officially Tax Season. Monday is the first day people can file their 2022 taxes through IRS electronic filing.
If you’re expecting a refund, the best way to get that refund quickly is to file early. Even if you don’t get a refund, filing early is beneficial. It will give you time to make preparations if you have to pay this tax season.
Beth Schroeder, a tax pro with Jackson Hewitt, told KOIN 6 News if you have a complicated tax situation — for instance, you worked in multiple states or you own a business — it’s worth it to go to an in-person tax preparer.
“Everybody’s situation is different and there might be some deductions that you don’t know you can claim that we can get for you,” she said.
If you participate in online commerce such as Etsy or eBay, you’ll need to use form 1099K.
But the IRS has walked back their statement on filing as income anything over $600 received digitally, including from apps such as Venmo and PayPal.
Schroeder said there’s nothing to worry about. She said the IRS reverted to the threshold they used last year — $20,000 or 200 transactions.
“That’s where the concern was with the $600 or more so they (the IRS) are pulling that back and they are going to reconfigure it and make sure people understand what’s going on,” Schroeder told KOIN 6 News.
And if you accidentally file your taxes incorrectly, the IRS will not come and arrest you. Schroeder said you’ll get a notice in the mail if you end up owing and forget to pay.
The delays in receiving tax refunds last year were unusual, Schroeder said. If you file online and use direct deposit, you can expect to see your money in about 3 weeks.