ST PAUL, Minn. — Filing your taxes is a lot like going to the dentist. It's down there on the list of things you want to do, but If you don't... there's a painful road ahead.
The Minnesota Department of Revenue (MDR) knows hundreds of thousands of folks across the state haven't filled out their forms yet and is trying to make the process easier, faster and more financially beneficial. Here is a list of things to consider before completing and filing your 2023 taxes.
E-file and choose the direct deposit option: MDR says it's the most secure and convenient way to file and get a refund FAST. And if your Adjusted Gross Income (AGI) is $79,000 or less, you may qualify to file electronically for free.
Claim the new Child Tax Credit: Starting this year, those who are eligible can claim a Child Tax Credit of $1,750 per qualifying child, with no limit on the number of children claimed. It's a refundable credit, meaning filers can receive a refund even if they do not owe tax. You must file a 2023 individual income tax return, however, in order to claim the credit.
Check your return for accuracy: Some of the most common errors that can flag a return or hold it up? Not entering your name (or the names of dependents) exactly as they appear on Social Security cards or Individual Taxpayer Identification Number (ITIN) cards. Double-check bank routing and account numbers used on tax forms for direct deposit. Incorrect information can result in significant refund delays.
Beware of scammers: Tax time is a busy time for scammers and criminals, who use phone calls, text messages, and emails while pretending to be the IRS or Department of Revenue. They will ask for personal and financial information. Use caution and never provide personal information unless you are SURE the situation is legitimate. Contact the Department of Revenue if you are concerned about potential fraud.
File your return by April 15, even if you owe more than you can pay. Pay as much as you can by the April 15 due date and contact the Department of Revnue as soon as possible to set up a payment schedule for the remaining balance. Include your banking information on your electronically filed return to make a payment or do so electronically with the state's e-Services Payment System.
Don't forget - you automatically have until Oct. 15 to file before MDR assesses a late penalty.
If you need help filing, there is help available.
Free tax preparation services are available for those who qualify: Help is available across Minnesota through the Volunteer Income Tax Assistance (VITA) and AARP Tax-Aide programs. Act quickly as many sites book up as the filing deadline approaches. Visit the MDR website to see if you qualify and find free tax preparation sites near you.
If hiring, choose a tax preparer carefully: If you’re using a professional tax preparer to do your taxes, ask about their training, their history preparing taxes, and affiliations with tax professional organizations. Learn more about choosing a preparer on the MDR website.
For more information on tax filing resources and answers to frequently asked questions, check out the MDR website.
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