NORFOLK, Va. - Check your mailbox and your email! January 31, 2023 is the deadline for employers to send W-2 forms.
As the 2023 tax filing season is underway, taxpayers have until April 18 to file their taxes.
People will need to start collecting wage and earning statements, which for example, are W-2's from employers or W-2G's from gambling winnings.
1099 forms will document any interest and dividend statements from your bank and 1095's are health insurance statements.
While taxpayers are likely familiar with collecting these documents, there are some changes this year — namely to certain tax credits.
For example, the Enhanced Child Tax Credit, which was $3,000 is now down to $2,000.
Money Coach, Lynnette Khalfani-Cox said, "for a family that had two small kids - before they would have [received] $7,200 now they're only going to get $4,000."
She said people should expect smaller refunds because tax credits are back to what we saw pre-pandemic.
Keeping track of all the changes can be a bit confusing, so News 3 Problem Solver Erin Miller looked into the local resources available and which ones are free.
The Hampton Roads Community Action Program and its FACES Coalition Partners provide free tax preparation services to qualified residents. In fact, volunteers can help people increase their tax returns by thousands of dollars.
Click here to see the eligibility and requirements and where to find a VITA site closest to you.
The IRS also offers free options for help. The federal website says, "IRS Free File is available to any person or family who earned $73,000 or less in 2022. For taxpayers who are comfortable completing their own tax forms, Free File Fillable Forms may be a good option. MilTax is a free tax resource available to the military community, and it's offered through the Department of Defense. Qualified taxpayers can also find free one-on-one tax preparation help nationwide through the Volunteer Income Tax Assistance and Tax Counseling for the Elderlyprograms.
