MCRAE: Tax season is here

It surprises many to learn that even as the State Treasurer, I don’t have much to do with tax season. Instead, that responsibility falls on the U.S. (not Mississippi) Treasury and the Mississippi Department of Revenue. Nonetheless, I want to be helpful to those who have pressing tax-related questions, so today let me run through a few tips to make filing your taxes a little bit easier.

First and foremost, be prepared. Before starting, collect your 2021 tax records. You likely received many of these documents by mail in the last few weeks. In addition to any tax forms received, you’ll need Social Security numbers, Adoption Taxpayer Identification Numbers, and this year’s Identity Protection Personal Identification Numbers (if applicable). Many Mississippians may have also received IRS letters about advance Child Tax Credit Payments (Letter 6419). Retain this letter. It will help in preparing your federal tax return.

Once you’ve collected the appropriate documents, file a complete return online. Choosing direct deposit during this process will help ensure the fastest refund. If choosing direct deposit, make sure to have your bank routing and account numbers handy.

Tax prep software can help ensure your return is accurate as well. What’s more, Mississippians who make less than $73,000 annually may be eligible to use guided tax preparation software and file their taxes for free through the IRS’s Free File system. To learn more, visit IRS.gov.

Even with software, however, I know many Mississippians will have questions before filing. The IRS does have Tax Assistance Centers throughout Mississippi, including locations in Columbus, Gulfport, Jackson, and Tupelo, if you’re looking for in-person help. For support on state tax returns, visit dor.ms.gov, the Mississippi Department of Revenue’s (DOR) website.

And while it is the IRS and DOR who are directly responsible for resolving your tax-related problems, I did want you to know your State Treasury may be able to help you save a little extra during this year’s filing. More specifically, many taxpayers are able to deduct a portion of their 529 college savings account contributions. In most cases, these contributions simply need to be made by April 15, 2022 to be used as a deduction on this year’s return. In other words, you still have time. To see if you qualify, please contact a tax professional.

Good luck during the upcoming tax season.