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Getting you up to speed with what you need to know as tax season begins

The IRS expects most taxpayers will get their refund within 21 days of when they file online as long as there are no issues

TEMPLE, Texas — With tax filing season is underway, many Central Texans just might find themselves with more questions than answers as they navigate the always-changing world of tax returns.

"The complexities of the tax code increase, they never make it simpler even though they've talked about being able to file on the back of a postcard, that hasn't happened yet," Jeffrey Thigpen, of Linzy & Thigpen, said. "They keep adding new laws and intricacies to the tax code so I think it's well worth your money to hire a professional that keeps abreast of those changes that can help you prepare your return."

Tens of millions of Americans received monthly advance child tax credit payments for the second half of 2021. Those checks landed in bank accounts and mailboxes on or around the 15th of each month.

The American Rescue Plan, passed in March 2021, increased the annual child tax credit to $3,600 for children under age 6 and $3,000 for kids age 6-17. From July through December 2021, eligible Americans were allowed to receive up to half the money in the form of monthly payments -- $300 for kids under 6 and $250 for children 6-17.

Thigpen said those that opted in and received those payments each month will need to file a return to claim the second half of the child tax credit, ranging between $1,500-$1,800 per child, depending on age.

"A lot of people are going to have to file returns, even if they haven't filed previously, to be able to claim those credits," he said. "Of course, the Child Tax Credit, you only received half of it, so in order to get the other half you may need to file a return and reconcile those amounts."

The federal government launched a revamped website Monday, the first day of tax filing season, to help people who were eligible for the expanded child tax credit under last year's pandemic relief bill claim the second half of the payment they were due.

The site, ChildTaxCredit.gov, features a new tool that directs taxpayers to filing options, eligibility information and instructions on how to get the credit, according to the Treasury Department. Both virtual and in-person support will be provided in multiple languages.  

Thigpen said he recommends people get together with a tax professional to help them navigate the waters of tax season this year, given the new laws and wrinkles that could trip people up. He also warns those that get mail from the IRS, don't disregard it at all.

"It's nerve-wracking any time you receive a letter from the IRS, and rightfully so, but take it to a paid preparer, a tax professional that has experience working with the IRS, sit down with them," Thigpen said when asked his biggest piece of advice for Central Texans. "Sure, it may be nothing, it may be something but don't put it off and don't ignore it. Get help when it comes to dealing with the IRS."

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