Madison Messenger - February 12th, 2023

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PAGE 4 - MADISON MESSENGER - February 12, 2023 www.madisonmessengernews.com Refer to checklist when prepping tax returns The Internal Revenue Service offers a checklist of reminders for taxpayers as they prepare to file their 2022 returns: 1. Gather all tax paperwork and records before preparing a return. This helps with filing a complete and accurate tax return and helps to prevent missed deductions or credits. Errors and omissions slow down tax processing, including refund times. Some of the information taxpayers need before they begin includes: • Social Security numbers for everyone listed on the tax return; • bank account and routing numbers; • various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions; • Form 1095-A, Health Insurance Marketplace statement; and • any IRS letters citing an amount received for a certain tax deduction or credit. 2. Remember to report all types of income on the tax return. This is important to avoid receiving a notice or a bill from the IRS. Don’t forget to include income from: • goods created and sold on online platforms; Reminder! Tax season is approaching. RS Tax & Accounting Inc. WE’VE MOVED! Jill Spradlin, CPA Now in our 28th Year Serving Madison County Tax Preparation and Planning Individual - Farm - Corporate & Partnership Non Profit - Estates & Trusts Evening and weekend appointments available EMAIL: jspradlin@rstaxaccounting.com 2 LOCATIONS LONDON 27 S. Main St., London, OH 43140 PH: 740-852-8895 Income Tax Preparation Martina Miller Walters 740-852-3656 mwalters@columbus.rr.com Get the best pricing on your personal or small business tax returns Make Your Appointment Today! DUBLIN 5060 Parkcenter Ave. Suite A Dublin, OH 43016 PH: 614-799-3787 • investment income; Tax Return Preparers with Credentials and Select • part-time or seasonal work; Qualifications” and more on choosing a tax pro on • self-employment or other business activities; and IRS.gov. • services provided through mobile apps. 5. Avoid phone delays; use online resources before 3. File electronically with direct deposit to avoid delays in receiving a refund. To avoid waiting on hold, the IRS urges people to use calling the IRS. Avoid paper returns. Tax software helps to prevent IRS.gov to get answers to tax questions, check a refund mistakes by doing the math. It guides users through status, or pay taxes. There’s no wait time or appointment needed. Online tools and resources are available each section of their tax return using a question-andanswer format. 24 hours a day. The IRS’s Interactive Tax Assistant tool For those waiting on their 2021 tax return to be and Let Us Help You resources are especially helpful. processed, here’s a special tip to ensure their 2022 tax return is accepted by the IRS for processing. Make sure to date on important tax information online by: Additionally, the IRS suggests taxpayers stay up to enter $0 (zero dollars) for last year’s adjusted gross income (AGI) on the 2022 tax return. Everyone else should and email subscription lists to stay current on the latest • following the IRS’s official social media accounts enter their prior year’s AGI from last year’s return. tax topics and alerts; and 4. Choose a tax professional carefully. • downloading the IRS2Go mobile app, watching IRS Most tax return preparers are professional, honest, YouTube videos, or following the IRS on Twitter, Facebook, LinkedIn, and Instagram for the latest updates and provide excellent service to their clients. However, dishonest tax return preparers who file false income tax on tax changes, scam alerts, initiatives, products, and returns do exist. The IRS has a “Directory of Federal services. Get refund by direct deposit Receiving a tax refund is happy news to any taxpayer. Getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are ready and choose direct deposit to receive any refund they may be owed. Benefits of choosing IRS direct deposit: • It’s fast. The fastest way for taxpayers to get their refund is to file electronically and choose direct deposit. Taxpayers who file a paper return can also choose direct deposit, but it will take longer to process the return and get a refund. • It’s secure. Since refunds are electronically deposited, there’s no risk of having a paper check stolen or lost in the mail. • It’s easy. Taxpayers can simply follow the instructions when selecting direct deposit as a refund method and enter their account information as directed. They must enter the correct account and routing numbers when they file. • It provides options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education, and certain retirement accounts. They should use IRS Form 8888, Allocation of Refund, Including Savings Bond Purchases to deposit a refund in up to three accounts. This form cannot be used to designate part of a refund to pay tax preparers. Taxpayers should deposit refunds into U.S. bank accounts in their own name, their spouse’s name, or both. They should avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Taxpayers should check with their bank for direct deposit rules. Get a bank account Taxpayers who don’t have a bank account can visit the FDIC website for information on banks that let them open an account online and how to choose the right account. Veterans can use the Veterans Benefits Banking Program for access to financial services at participating banks. Mobile apps may be an option Some mobile apps and prepaid debit cards allow for direct deposit of tax refunds. They must have routing and account numbers associated with them that can be entered on a tax return. Taxpayers should check with the mobile app provider or financial institution to confirm which numbers to use. Taxpayers must have their routing and account numbers for direct deposit available when they are ready to file. The IRS can’t accept this information after a return is filed. There is a limit of three direct deposit refunds made into a single financial account or prepaid debit card.
www.madisonmessengernews.com February 12, 2023 - MADISON MESSENGER - Page 5 London High School students prepare to sign letters of intent to play sports in college: (from left) Alana Kramer, Natalie Zabloudil, Allie Moore, Raighen Combs, Alonte Hewston, Sean Johns, Elijah Mitchell, and David Stukey. New signing day tradition The London City Schools athletics department has launched a new tradition of recognizing student-athletes who have accepted opportunities to compete in sports at the college level. The recognition takes place in front of the entire student body. The district held its first all-school signing ceremony on Feb. 1. The event coincided with the National Collegiate Athletic Association (NCAA) signing period. Additional signings will take place throughout the school year, coinciding with the NCAA signing calendar. Eight London high school seniors signed letters of intent accepting college athletic offers during the Feb. 1 event: • Alana Kramer—The Ohio State University, rowing; • Natalie Zabloudil—William Patterson University, volleyball; • Allie Moore—Ohio Christian University, volleyball; • Raighen Combs—Clark State Community College, volleyball; • Alonte Hewston—Ohio Dominican University, football; • Sean Johns—Ashland University, football; • Elijah Mitchell—Ashland University, football; and • David Stukey—University of Tennessee-Martin, track and cross country. The new tradition is related to the district’s goal of helping all students achieve individual success. The district plans to hold its next all-school signing ceremony on April 14. DestinationOutlets.com 800-213-9083 8000 Factory Shops Blvd. Jeffersonville, OH 43128 DOWNLOAD OUR MEMBERSHIP APP - - - - •
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