Aidan Sadovi

1 month ago | chicago.suntimes.com | Aidan Sadovi

El mejor lugar para cobertura de noticias y cultura latina en Chicago. | The place for coverage of Latino news and culture in Chicago. Algunos contribuyentes de Illinois tendrán ahora la opción de presentar sus declaraciones de impuestos federales de forma gratuita ante el Servicio de Impuestos Internos (IRS) a través de su sistema de preparación de impuestos Direct File.

2 months ago | chicago.suntimes.com | Sandra Guy |Aidan Sadovi

If you tend to procrastinate at income tax time, beware of the costly consequences of missing the April 15 filing deadline — even if you owe no taxes. “The best way to avoid costly consequences of missed filing deadline is to stay organized and establish a system for gathering your tax documents throughout the year, rather than struggling to find them at the last minute,” said Osama Osaghae, manager of Osaghae & Associates and a certified public accountant.

2 months ago | chicago.suntimes.com | Annie Millerbernd |Ronita Choudhuri-Wade |Aidan Sadovi

If you need cash while waiting for your income tax refund, some tax preparation services offer tax refund loans. Tax refund loans, also called “refund advance loans” or “refund anticipation loans” let you access your refund early. The tax preparation company lends you money that is repaid with your tax return. Some loans charge zero interest, while others include interest if you want the funds before 2025.

2 months ago | chicago.suntimes.com | Medora Lee |Aidan Sadovi

Many Americans think rushing through their taxes will get them a refund sooner. In most cases that may be true, but what really works best is doing your taxes right, according to experts. If something doesn’t add up or match — whether intentionally or by accident — you run the risk of getting audited, they said. When you’re audited, it means your return was selected from a batch of returns for a closer inspection.

2 months ago | chicago.suntimes.com | Aidan Sadovi

The average taxpayer spends almost $160 filing their taxes, according to a 2024 IRS report. That’s about half a month of groceries for the average Illinois resident. The agency said that’s a problem and started the IRS Direct File program to offer free federal tax filing — its answer to private and for-profit tax preparation companies like TurboTax maker In and H&R Block. Direct File started last year with 12 participating states and is now in 25 states, including Illinois.