TOLEDO, Ohio — It is never too early to start preparing for getting your taxes done. Local experts say there are a few changes to how you'll file this year you want to be aware of.
Keep an eye on your mail for important documents that will likely arrive in January.
W-2s, 1099s, and dividends are important and any receipts for charitable donations you made throughout 2021. Tax experts recommend keeping all of those documents together in a folder so you do not lose them.
"They'll be getting a W-2 from their employer. They'll be getting 1099s from the bank from interest, dividends, they'll be getting their 1098 for Mortgage interest. Those are all things they want to have," Charles Heid, a tax partner Gilmore, Jasion and Mahl said.
The most unique part of this filing season people will have to take into consideration is the advanced child tax credit.
Many families have already been receiving advanced payments on their credit, which is something they will have to account for when filing.
If you're entitled to more money through that program, it will come back in your return. However, if based on your 2021 income you weren't eligible to get the max on the child tax credit, you will owe money.
Additionally, make sure you factor last year's stimulus check into your taxes and any unemployment benefits you received, which is a little different approach from 2020.
"They passed in March the American rescue plan that exempted 10,200 of unemployment benefits from being taxable. That is not the case for 2021. Unemployment benefits for 2021 are fully taxable. There is no exemption like there was in 2020," Heid said.
If you are planning on filing on your own, there is information on the IRS website that will help you file for free so you do not have to pay for a service.