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3 Ways You Can Prepare To File During The 2022 Tax Season

Published by Scott Hershman

Tax season officially began on January 24, 2022, but millions of Americans still need to file their taxes before the deadline on April 18th. There are several documents you should gather before you begin the filing process.

Just some of these documents include your W-2 wage statements from your employer, 1099 forms for other sources of income and interest earned in a savings account, statements regarding any Child Tax Credit payments or stimulus checks, and if you made any cryptocurrency transactions last year.

In addition to gathering all of these documents, here are a few more ways you can make filing even easier for you this year:

  1. Have last year’s federal and state tax returns readily available – Knowing exactly how much you paid, owed or were refunded after filing your taxes last year can help guide you when you file this year. Think of it as a study guide or refresher for what sections you need to fill out this year.
  2. Gather the social security numbers of all members of your household – This includes spouses, children and other dependents such as elderly parents. Remember, if you’ve received a child tax credit due to the Covid-19 pandemic in 2021, then you’ll need to make a note of that on your taxes.
  3. Make a list of tax deductible items from 2021 – It’s wise to gather all invoices or statements related to any deductions you claim when you file this year. A few examples of tax deductions you can make include:
    1. Educational expenses like tuition or student loan payments,
    2. Retirement account contributions,
    3. The total amount in medical bills that you paid in 2021 if it exceeds 7.5% of your annual income.
    4. Property taxes and mortgage payments
    5. Charitable donations
    6. Classroom expenses if you’re a teacher.
    7. State, local income, and sales taxes

Take Care Of All Your Vital Document And Currency Errands With WSCE

Whether you need to grab some extra cash to conduct errands or obtain vital documents like a birth certificate for tax season, West Suburban Currency Exchange is always ready to help you. Our offices across the Chicagoland area have extended business hours beyond the 9 to 5, weekday window, for your convenience.

While we’re known as the top foreign currency exchange service of Naperville, IL, our offices proudly provide other services such as utility bill payments, license plate renewals and phone card purchases. Each of these services have given back hundreds of hours to individuals looking to reduce the time they spend running financial and utility-related errands.

To learn more about any of the services we provide at any of our West Suburban Currency Exchange, please visit our website or call us at (847) 299-3100.

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