You can file your taxes starting today: A CPA weighs in on what to consider in 2022

It’s not a favorite day for many taxpayers: Americans can begin filing their taxes with the IRS starting today through Apr. 18.

It’s unclear at this point whether or not the IRS will extend the deadline, but some states have already announced different deadlines for their own state individual income taxes. Maine and Massachusetts residents have until Apr. 19 to file their federal income taxes due to Patriots’ Day, a holiday in both states.

But regardless of which state you reside in, there are several things you should know about filing your taxes this year. Select interviewed Eric Bronnenkant, head of tax at Betterment, to find out what Americans should keep in mind as they prepare to file their taxes for 2021.

1. Security should be a top concern

Identity theft is a major issue, especially around tax time. Not only can someone compromise your identity by stealing your credit card info, they can also file an illicit tax return in your name — with the hopes of grabbing your return before you even realize.

The best way to avoid this situation is to file your tax return as early as possible. However, Bronnenkant suggests also using the Identity Protection Pin program offered by the IRS.

This program will give you a unique pin code to file your tax return with to verify someone isn’t using your info. The process takes a few minutes to sign-up, but its free and easy to use.

Bronnenkant told Select that “everyone should use it.”

If you want additional protection, using an identity theft monitoring service can help you catch fraud quickly. Select ranked IdentityForce® as the overall best program for its identity theft insurance up to $1 million and certified identity restoration experts who assist consumers with all of the necessary paperwork and phone calls if they discover their identity has been compromised by criminals in an IRS tax fraud scam.

2. Make sure your numbers match up

Organization is a very important part of filing your taxes, as one small error could lead to an audit.

Specifically, credits like the Child Tax Credit will likely lead to many Americans potentially claiming more than they should.

Bronnenkant gave the example where someone may have been receiving Child Tax Credit payments throughout the year (or an entire lump sum). He warns that Americans shouldn’t be claiming this credit twice. For example, if a tax payer has already received their full $3,000 credit, they shouldn’t be claiming anything on their return. Or, if they’ve received only $1,000, that they should only claim the remainder of the funds due to them.

If you happen to overclaim how much you are owed, Bronnenkant warned you could owe that money back to the IRS.

3. Using tax software may be your best bet

With so many changes to the tax code each year, it can be worth it to use a tax software service like H&R Block or TurboTax.

These software services can save you time and money when filing out your tax return, plus help you avoid making a mistake that could cause headaches, and potentially even fines, from the IRS.

Also keep in mind there are free alternatives to file your taxes. If you made $73,000 or less in 2021, you can file your taxes for free using the IRS’s Free File program. Additionally, there are plenty of resources and discounted tax filing services for college students.

The IRS is anticipating more than 160 million individual tax returns this year, with a mass majority being filed online, so it’s important to get yours in earlier rather than later. It’s also recommended by the IRS to file electronically to avoid any delays. If you file electronically without any issues and opt for direct deposit, the IRS expects to issue refunds within 21 days of filing. And after you file, you can check your refund status here.

Additionally, if you have tax-related questions, Bronnenkant recommends reading up on the IRS website — as it’s incredibly difficult to talk to an IRS agent on the phone.