Get Ready for Tax Season 2022: Expert Accountant Shares Tips and Debunks Common Misconceptions

As the tax season approaches, accountant Leslie McDermott provides guidance on filing 2022 taxes. McDermott recommends bringing necessary documents, such as photo ID, Social Security cards, bank account information, and tax-related forms. These forms include W-2s, 1099-NECs, 1099-Ks, 1099-Rs, and 1099-Gs, depending on one’s income sources, as reported by The Daily News on February 10, 2023.

Records for additional income sources, including rental property income and gambling winnings, should also be kept. According to McDermott, late February is an ideal time to file taxes once all required documentation is collected. McDermott also corrects common misconceptions about filing taxes, including the notion that filing taxes is voluntary, home office deductions automatically result in an audit, and students and senior citizens do not need to pay taxes.

US citizens and permanent residents working in the US must file a tax return if their income exceeds a minimum threshold. McDermott explains various filing statuses, such as head of household, married filing jointly, married filing separately, qualified widow or widower, and single.

A standard deduction is recommended, although some may opt to itemize deductions. Freelancers, contractors, and other self-employed individuals can take advantage of tax deductions, such as writing off a percentage of their rent or mortgage, utilities, real estate taxes, repairs, maintenance, and other business-related expenses.