The Benefits of Free Tax Preparation Assistance
There’s a lot on your plate, day in and day out. And sadly, April 15 is coming whether we want it to or not. That’s right; it’s tax season. American earners are required to prepare their own taxes, or hire assistance if necessary, each year by the April 15 deadline. But, if these preparations have you scratching your head, you aren’t alone. How can you tell when it may be time to seek help?
Don’t Miss Tax Benefits
There are plenty of laws about taxes, and believe it or not, some are designed to save you money. But not every taxpayer gets all of the credits they deserve. In 2022, the Internal Revenue Service (IRS) estimated that nine million taxpayers didn’t apply for rebates and savings they deserved involving the COVID-19 tax breaks alone.
Each year, millions of dollars you deserve are left on the table. Having assistance in completing your income tax means capturing those missed benefits! It’s difficult for the average citizen to understand the ever-changing credits, but trained professionals and volunteers can help you to earn all the credits you deserve!
Some of the most overlooked deductions and credits include:
- The Earned-Income Tax Credit
- Child Tax Credit
- Charitable donations
- Student loan deductions
- Retirement contributions
- Childcare credits
Even free filing is a savings many people miss out on! Around 70% of taxpayers qualify for a free filing, yet only 3% of them use it! That totals around $13 billion going into tax preparation companies’ pockets instead of yours!
Protection from Errors
When weighing whether or not it is time to seek professional help, there is one good litmus test question you must answer for yourself: If the IRS has questions about your return, do you want to be the person that has to answer them? If you aren’t sure that you could, and/or simply don’t want to be, seeking the assistance of a pro can be a benefit as they will be responsible in assisting you with such predicaments.
Even if you do not want to hire a human accountant, online tax preparation services can guide you, and even offer you “Audit Protection.” This means, if you use their services, these companies will back you up if there are questions or audits about your filings.
Overall, 33% of those 18-24 seek a pro to do their taxes, while all other age brackets divide 50/50 across the board. Whichever way you choose to file, be sure you are clear on what to do, should you be audited or if you have questions along the way.
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Saving You All Around
Having help on your taxes also can save you time. In today’s busy world, the many hours tax preparation can take can be tough to squeeze into your schedule. You may also be able to save some sanity, as having assistance with your tax preparation can mean a boost in your own peace of mind. It can be nerve-wracking doing them alone, and having help means the experienced, knowledgeable support of another.
United Way’s Helping Hand: VITA
If you are still weighing your options, United Way of South Sarasota County may have the best compromise found in four little letters: VITA.
The Volunteer Income Tax Assistance (VITA) program provides low- and moderate-income individuals and families with free, reliable assistance in filing federal tax returns. Any resident of Sarasota County, Florida, earning under $74,000 in 2023 qualifies for the free help.
Across the country in 2022, more than 3,200 VITA sites nationwide prepared almost one million tax returns which generated $1.8 billion in refunds to low- and moderate-income households in local communities. Now, that is some serious savings!
The United Way SSC, located at 4242 S. Tamiami Trail in Venice, is one of three local spots offering appointments. To book specifically at our location, visit the online appointment system here. To understand the documentation you will need to bring to your appointment, please visit the website here.