Posted on 01/23/23
| News Source: WMAR2NEWS
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.