As Oregonians anticipate claiming a record $5.61 billion kicker tax credit, the Oregon Department of Revenue offers essential steps to expedite the process. To ensure eligibility, individuals must have their 2022 tax returns filed, as the credit is calculated based on the 2022 tax liability.
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Key Steps for Swift Kicker Tax Credit Processing
The first crucial step is filing the 2022 tax return, as the state relies on this information to calculate the kicker amount. Electronic filing, though closed until late January, allows taxpayers to download paper forms or wait for the reopening of electronic filing.
Following the 2022 return, the subsequent step involves filing the 2023 tax return promptly when the filing season begins. The Department of Revenue emphasizes that early filing enhances the speed of receiving the kicker tax credit.
The Department of Revenue recommends using online resources to streamline the process. Taxpayers can access their account information through Revenue Online, utilize the “What’s My Kicker” calculator, view the 1099-G form (available by January 31, 2024), and confirm any estimated tax payments.
Efficient Tips for Expedited Tax Return Processing
Organizing tax records is vital to avoid errors and ensure accuracy in tax return preparation. Waiting until all necessary documents, including Forms W-2, Forms 1099, and other income statements, are collected is recommended.
Opting for electronic filing, coupled with direct deposit, accelerates the refund process. Taxpayers can benefit from faster refunds by choosing these options. The IRS provides relevant information on its website.
Selecting a reputable tax return preparer is crucial, as taxpayers are accountable for the information on their return. The Oregon Board of Tax Practitioners’ Licensee Lookup website and the IRS website offer valuable resources. Free assistance for filing returns is also available for those in need.
