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Omaha tax expert advise preparing 2021 taxes now

Published: Dec. 7, 2021 at 4:49 PM CST
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OMAHA, Neb. (WOWT) - Soon after Santa returns to the North Pole, the IRS will kick off the tax season.

“When you have to file your tax return the IRS will send out notices in January indicating how much was paid to the families for those child tax credits,” said John Gross.

John Gross is the President of the Midwest Accounting and Tax Service, he says some families not familiar with the changes in the early tax credit may have some questions around tax time.

“It can be for a lot of individuals who are not familiar with that law that stated they were giving you half the child tax credit, that you would be able to claim the other half. So if your tax liability is zero and you’re still entitled to $1,800 of additional child tax credit, you will receive that as part of refund,” said Gross.

Angie Phillips and her family took the early child tax credit, she says any extra paperwork around tax time will be worth it.

“If it does make our taxes a little bit difficult, the positive that we got from receiving the money early would make a little bit more of the complication worth it,” said Phillips.

Gross also says there will be adjustments this tax season since we are in a period of inflation and the standard deduction will also increase.

“They’re adjusting it by $500 so a married filing joint should be right at about $25,000, 100, for a standard deduction filing joint. It makes it hard for an individual or a family to claim an itemized deduction.”

Gross says the key is to file early. He says last year, the IRS changed tax law during the tax season, and that delayed refunds.

“In January, start getting your records together, always make sure you have your proper documents to file a complete and accurate income tax return the IRS is slow on getting refunds back.”

“We were getting phone calls up to the end of summer stating they still had not received their refunds. So hopefully this year there are a few minor tax changes that they won’t change anything during the season so it does not affect the taxpayers’ refund.”

Gross says higher-income earners may find they have to pay a bit more income tax this tax season.

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