'Filing earlier is better': Tax experts share tips as IRS begins accepting tax returns

MILWAUKEE (CBS 58) -- Tax season 2023 is officially underway with people having until April 18 to file their 2022 tax returns.

"This year, it goes through the 18th instead of the 15th," explained Steve Meyerson, owner of Steven Meyerson CPA LLC. "I get three extra days to have tax season."

While many may dread the thought of taxes, Mequon-based Meyerson has made it his career for over four decades, preparing taxes for roughly 400 people around the globe.

"I'm here year-round," Meyerson said. "If their returns get a little more complicated, then it makes some sense to talk to a professional. I can walk them through whatever they may need and ask them questions that they may not have thought about in the past."

For those looking to prepare their taxes on their own, both Meyerson and Sandra Geisler, director of tax planning at Ellenbecker Investment Group, say there are some tips to making sure your process goes smoothly.

"My big tip is to just stay organized," Geisler said. "Make sure you have one folder by your kitchen table so you can put your mail in it, or a digital file set up on your computer so that when you actually sit down to do your tax return, you have all that documentation available to you."

With the majority of Americans expected to file electronically in 2023, Geisler says it's also important to make sure you're using a reliable software.

"The IRS and the Wisconsin Department of Revenue both have free file options," Geisler explained. "If you qualify based on your income (adjusted gross income of $73,000 or less), those are great ways and very secure ways to file your tax return."

Geisler says changes to tax law could lead to smaller tax refunds compared to previous years, and filers should be prepared.

"We see tax law change quite regularly now. The last couple of years, there was a lot of pandemic-related legislation and I think it's just hard for regular people to stay up on that," Geisler said, noting there will be not stimulus credit this year. "The other really big thing that we saw was the advanced child tax credit. That was increased over the last couple of years and some people got it, actually, in advance. That expired at the end of 2021 so people with multiple dependents are going to see probably a significantly less refund than they've gotten in years past."

Geisler says the Wisconsin Department of Revenue's changing of withholding tables at the beginning of 2022 could lead to smaller refunds on the state's side as well.

"People just had a little bit less withheld by their employers," Geisler said.

Whether deciding to file on your own or going with a professional, both Geisler and Meyerson both have an important piece of advice: don't wait to file.

"I think filing earlier is better, especially if you're getting a refund," Geisler said. "We want to make sure people remember they have until the filing deadline, which is April 18."

"The pipeline is getting filled quickly," Meyerson said when asked if he's still accepting clients. "There's others that may have capacity, but I'm coming close to the cap."

Those looking to use the IRS Free File can learn more here: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free