Tax season is here, and Hey Chicago wants to help you max your refund. Ladder Up, an organization offering free tax prep to thousands of Chicagoans, shared what to know ahead of Tax Day on April 15.
Know if You’re an Employee vs. Independent Contractor
Employees have W-2s, which means employers withhold taxes. But independent contractors have 1099s — their taxes are not withheld and they’re responsible for paying, which can be a shock for some come tax season.
Brush Up on Tax Credits and Deductions
- The child tax credit could get you $2,000 per qualifying kid.
- Other credits let college students write off some tuition and fees.
- The retirement saver’s credits could give you $1,000 if you’re single or $2,000 if you’re married and contributed to a 401K or Roth IRA this year.
File Sooner Rather Than Later
Your refund will hit your bank account earlier! You can track your status now. Plus, Ladder Up has in-person tax services for eligible residents, where the organization can also help you file for an extension.
