BALTIMORE — Tax season is heading into full swing as tax professionals urge those filing to get it done early this year, to avoid the knock on the door nobody wants.
"The agent knocked on the door. She wasn't there and left that paper there and she ran home to go and get it. Sure enough, it was for 2021 taxes not even like she was behind on her taxes," Jason Upshaw recalled, regarding one of his clients at Belvedere Tax Group.
He says the lesson behind that knock is simple: don't get behind filing this year.
Whether you're an early filer starting now or a late filer waiting until March or April, prepare to receive less in 2022's tax refund.
"The IRS has already warned that refunds will be smaller this year compared to last year," Upshaw said.
But, there are some tax breaks to look forward to and mistakes to avoid. Potential tax breaks in Maryland include brand new housing incentives for seniors.
"It's for 65 and older who make $150,000 or less in their retirement income. They can claim up to $1,750 in tax credits," shared Brooke Lierman, Maryland's newly elected Comptroller.
Potential tax breaks also earned income tax credits for working families.
"If you're working and you're earning income this is a tax credit that you can claim on your taxes and get that money back," said Comptroller Lierman.
Childcare tax credits, dependent care credits and car credits for used electric vehicles are all on the breaks list.
As far as mistakes are concerned, waiting to file remains the most crucial.
"I've been doing taxes for close to 15 years and these past couple of years, identity theft has been rampant so I would 100 percent advise as soon as you have your paperwork together, file," Upshaw explained.
It's good to file early but when you do get started, Upshaw says be thorough and selective about who you trust to assist with your taxes and be sure they're willing to sign off on your returns ahead of the April 18 deadline.
"They'll be held accountable just like you are going to be held accountable. I think that's the biggest thing I see people make that mistake," said Upshaw.
Anyone needing assistance with filing taxes, visit these websites:
