CHARLOTTE, N.C. — Tax season is in full swing and time is running out for Americans to file their income taxes ahead of the April 18 deadline.
T.E.A.M. Taxes' Charlotte office says they've been inundated with questions about tax changes, available credits and opportunities for filers to make the most of their refund, but there's one question folks have that is ringing phones off the hook.
People want to know about the advance child tax credit and how much they'll be able to claim after receiving payments in 2021.
"People being able to get that in advance, people wanting to claim that money if they haven't gotten it," office manager Kingsley Ifedi said.
Ifedi said it's important to ask a tax professional about the child tax credit since most parents got half of the money up front last year and the other half has to be claimed on your tax return.
Another thing Ifedi's asked about is the American opportunity credit, which is for students for the first four years at a four-year college. They're able to use the $2,500 tax credit and $1,000 of that can be refunded as cash.
Gen Ifedi said the main priority is not just filing returns, but also educating customers on tax credits so they know what to look for next time around.
“For the most part, a lot of individuals wait for the HR department to educate them or tax professionals," Gen Ifedi said. "Unfortunately, a lot of tax professionals don't take the time to educate. That leaves our community financially illiterate."
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to the Defenders team by emailing email@example.com.
So what are some tips that people can knock out now?
“Putting away money in certain investment vehicles, such as a health savings account, a 401K, or a Roth IRA (individual retirement account)," Kingsley Ifedi said. "There are many deductions you can take from that."
Preparers also encourage filers to stay proactive.
“Schedule an appointment with your tax pro in the middle of the year so you can take advantage of some tax saving and tax planning tips," Kingsley Ifedi said.
The tax deadline this year is April 18. Click here for more information about T.E.A.M. Taxes.
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