Tax season 2024 | Top questions answered

11Alive compiled some of the top questions online about filing this year and took it to an expert.

ATLANTA — Tax season has inevitably arrived, and with it, a slew of questions as folks across the nation put their documents in order and learn whether they'll get money back or have to pay a little more.

11Alive compiled some of the top questions online about filing this year and took it to the experts, well, maybe just one.

Mark Steber, the chief tax information officer for Jackson Hewitt Tech Services, sat down to offer his insight into everything from refunds to time to file and how to make it all a little less stressful.

Will my refund be smaller this year?

Steber indicated that refunds this year should be be higher than last season. However, every person is different, and having things like side hustles and crypto could have a dramatic impact on your return. 

"If you're not making estimates, they can reduce your refund because it leads into those regular withholdings," Steber explained.

He added that most of the commentary folks have been seeing on platforms like TikTok about extremely low refunds are actually for last year, as the process has only just gotten underway for the current season.

Should I file myself or seek assistance?

Taxes can always be complicated, so Steber said he recommends seeing a tax pro. 

"We recognize some people want to do it themselves. But if you're not ready to put in the effort, research the issues, research the tax consequences of possible life changes, you can do it fast and fast will get you kind of that answer pretty close but not necessarily accurate," he explained.

Ultimately, the IRS will be fine with whichever way you choose as long as you give them what you owe. They'll contact you if you still owe money after filing yourself, but what you may miss out on is extra deductions or benefits that a professional might be able to flag.

How much do you have to make to file taxes?

According to Steber, this question depends on several factors. If you are single, it's $12,000 annually but if you are married, it's $27,000.

"I always recommend to people, even if you don't think you need to file, see a tax pro just to make sure. Because there are a lot of benefits in there that don't just make it to your checking account without taking some action. And there's also a great deal of misunderstanding myths and myths and misinformation on what's taxable," Steber said. 

He noted that there's lots of misinformation and mistakes out there in the tax ecosystem, and it's best to always get a second opinion before deciding to just never file.

"I always recommend before you just say, I'm not going to file; I don't have enough income. See a pro to make sure you're not missing some benefits or that you've misunderstood what income is because it does include a lot more than some people on the internet might think," Steber added.

Is it really better to file early?

"The benefits of filing early are really simple. We know about three out of four taxpayers get a refund every year, even with some rumors of a smaller refund," Steber said.

He added that it doesn't take a financial wizard to know if you file early, you get your money early!

But beyond that, Steber said there are security reasons for wanting to get your taxes filed as soon as possible. 

"There's a lot of bad people out there and in the system at this time of year. And if your data is ever stolen or purchased on the dark web, or you just left your tax return on the printer last year and some unscrupulous person took it, a bad person can file a fake tax return and scoop it in front of you and try to steal your tax refund," he added.

Even if you think you'll owe money, earlier is better, according to Steber. You can file early and better plan for any money you might need to set aside for payments, which won't be due until April 15.

"You protect your data by filing early. You lock up your information, and then later on in April, you file. You pay that check or write that credit card up. So filing is separate from paying," he explained.

Any tips for making the process less stressful?

"I like the envelope or the shoe box that works well for most Americans, broken into four sections: an income section for those W-2s and 1099 that either you already received or you will be receiving here in a few short days. A second section on deductions and credits that you might qualify for," Steber said. "For example, if you had a student loan, student loan interest if you own a home mortgage interest, charitable donation, state income taxes, or even other deductions that might be deductible on your state return, even if you take the standard deduction on your federal. The third section, life changes. As I mentioned now, a lot more things happen in your tax return from your life changes than tax law changes."

In the fourth section, Steber recommends letting your tax pro figure out if there's anything that can help you get an alternative energy credit because you put storm windows on your house or something like that in last year's tax return.

What changes should I know about this year?

"There's new tax rate brackets. So, if you're sitting in the same exact income position, you could do a little better," Steber explained. "That's why these lower refunds don't make a lot of sense, especially for moderate and middle-income people who really didn't keep pace with inflation. The tax rates were adjusted. They should do better and earn income credit. The student loan interest deduction is back."

How can I get my return back quicker?

This is a simple one. Steber said to electronically file your return. Electronically file your tax return. 

"It's faster. It shaves weeks off the process of getting your tax refund prepared. Now, the second part is equally important. If you do a refund like that, make sure you electronically deposit your refund. Don't ask for that paper check to be snail-mailed back to your house.," he said.

After all, that mailed refund may get lost or even damaged and then you're back to square one.