MERIDEN — Tax season is around the corner and to help you better prepare for it, we gathered some tips from local tax preparers.
Fiama Calle is a tax preparer at Latin Multiservice Agency, 152 Colony St. Unit B. She explained it is important for people to save income related forms they get from their employers, unemployment and mortgage companies. There are many tax related documents, including Forms 1099 and W-2.
Calle said during the pandemic a lot of people started to work independently with companies like Uber.
“These companies also have a 1099 form,” she said.
A 1099 form is for people who worked but taxes were not taken out of their paychecks.
“From the 1099 you will have to pay the full amount of taxes that you haven’t paid throughout the year,” Calle noted.
She said people working independently can keep track of expenses, such as gas, because they can also be deducted when filing taxes.
Since most tax documents are sent by mail. Calle suggested keeping a close eye on the mail throughout January.
If individuals don’t get tax documents from their employers during January, Calle suggests contacting the employer.
Filing dates tend to be similar every year. Individuals can file starting at the end of January until April 15. The IRS had not released a specific deadline for 2022 yet.Filing for the first time
Those who don’t qualify for a social security number and want to file taxes can apply for an Individual Taxpayer Identification Number, which will allow them to file, Calle said.
Among the requirements for an ITIN are a valid passport, proof of address, proof that the individual has been in the U.S. at least six months and a form, such as a W-2, proving they have worked. Individuals can apply for an ITIN through a tax preparer.
Those with a social security number who are filing taxes for the first time need a form from work such as a W-2, a social security card and a form of identification.Filing with a preparer vs. on your own
Calle explained that for those with only one job and no kids, it’s easy and affordable to file from home using a software such as Turbotax. Those with children and multiple jobs are better off getting help from a tax preparer, she said.
According to irs.gov, starting this month, most people will be able to file their taxes electronically at no cost on irs.gov or through the IRS2Go application.
Latin Multiservice Agency offers tax, translation and insurance services. The business is open Monday through Friday, 10 a.m. to 6 p.m. To make an appointment, call 203-684-8943.
Tips for business owners
David Lake, owner of Nesso Group at 130 Research Parkway, said individuals who have a small business should make sure their accounts have been reconciled before filing taxes.
The following are some other suggestions from Lake:
Business owners must make sure to keep proof of business expenses. If they took new loans out, they need to know the opening balance and the balance at the end of the year.
Landlords need to keep track of refinancing of loans, mortgage interest and insurance payments.
Individuals running a business from home need to keep track of expenses related to the business and related to the rooms of their home in which they are doing business.
In addition, Lake suggests keeping receipts associated with anything that could be deducted from taxes for seven years.
Lake takes clients by appointment Monday through Friday from 9 a.m. to 5 p.m. To make an appointment, call 203-634-7549.Free tax preparation
The Wallingford Public Library will be hosting IRS VITA - a free tax preparation service - every Saturday starting Feb. 5. To make an appointment, call 860-356-2000.
There will also be free tax preparation services at the Wallingford Senior Center. Individuals can start to register for an appointment on Jan. 18. For more information, call the senior center at 203-265-7753.
For more VITA locations and hours, visit https://www.hranbct.org/Financial_Services/VITA-Locations-and-Hours/