Woodbury resident Eileen Welsh Eng has been a CPA for more than 20 years and an Enrolled Agent—or licensed tax specialist—for four years. She offers her advice for those seeking to successfully make it through tax season:
+ Consider hiring a tax professional. They are trained to understand the complex tax code and are able to correctly report your income, deductions and credits on the tax return.
+ Stay organized. Keep a tax folder next to the mail sorting area in your home and office and a digital tax folder in your email inbox year-round.
+ Know your health insurance plan. The Affordable Care Act requires qualifying health insurance. If you don’t qualify for coverage or an exemption, a “share responsibility” payment must be made when filing your tax return. Those with MNSure coverage may be eligible for a premium tax credit.
+ Plan accordingly. Your tax refund or balance due should be a small amount, without having to overpay or underpay. Make sure you have paid enough taxes to cover your tax liability.
+ Beware of tax scams. Watch out for phone calls from those pretending to be from the IRS. Be assured that the IRS will never demand payment via phone or email; they always send letters via post-mail.