February is the heart of tax season in the United States. Filing your return now helps you avoid lines, delays and mistakes that can cost you money. Whether you're an employee, independent contractor, small business owner, ITIN filer, newcomer or a family with children, this month is key to getting organized.

Quick facts that matter this month

• 9 out of 10 refunds are issued in 21 days or less when you file electronically and choose direct deposit. Source: IRS – Refunds.
• More than 90% of people already file electronically (e-file) because it's faster and reduces errors. Source: IRS Data Book 2023.
• 1 in 5 eligible taxpayers don't claim the Earned Income Tax Credit (EITC), a benefit that can be worth thousands of dollars for those who qualify. Source: IRS – EITC Awareness and irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc.

Quick glossary

• E-file: Submitting your return online through an authorized preparer or IRS-approved software.
• Direct deposit: Receiving your refund in your bank account; it's the fastest and safest method.
• EITC: Earned Income Tax Credit. A benefit for low- to moderate-income workers. It requires a Social Security Number valid for employment and meeting income limits.
• ITIN: Individual Taxpayer Identification Number. It allows you to file taxes if you don't qualify for a Social Security Number. With an ITIN you can't claim the EITC, but you could qualify for other credits if you meet the rules (for example, if your child has a valid SSN, you could claim the Child Tax Credit for that child).

7 steps to make the most of tax season today

• 1) Gather your key documents
  • W-2 (wages), 1099-NEC/1099-MISC (self-employment), 1099-INT/1099-DIV (interest/dividends), 1099-R (retirement distributions), 1098-T (tuition), 1098 (mortgage interest), IRS letters (such as Letter 6419 from previous years about child payments), and the ITIN/SSN for all your dependents.
• 2) File electronically and request direct deposit
  • It's the fastest combination, according to the IRS. Plus, you can track your refund with “Where's My Refund?” at irs.gov/refunds.
• 3) Check whether you qualify for credits that increase your refund
  • EITC: If you worked and your income was low to moderate, check whether you qualify.
  • Child Tax Credit: If your child has a valid SSN, you could qualify. If not, you may qualify for the “Credit for Other Dependents.”
  • Education credits: If you paid for post-secondary education, ask about the American Opportunity or Lifetime Learning credits.
  • If you're self-employed, review deductions such as vehicle use, equipment and a home office (requires regular and exclusive use for the business).
• 4) Report all your income, even “side gigs”
  • Income from delivery apps, online sales and freelance work counts. Keep platform reports, account statements and sales records.
• 5) Keep your ITIN up to date
  • If you use an ITIN, confirm that it's current. An expired ITIN can delay your refund and cause you to lose credits you do qualify for.
• 6) If you're going to owe, plan ahead
  • There are IRS payment plans and strategies to reduce penalties. Don't ignore a tax debt; addressing it in time saves you money.
• 7) Protect your identity: file early
  • Filing early reduces the risk of someone trying to use your information to file a fraudulent return.

How Imfinita Tax Team helps you

• Credit review: We identify benefits that many people miss (such as the EITC, child credits and education credits).
• E-file and direct deposit: So you get your refund faster.
• Support for business owners and contractors: We organize your income and expenses so you pay your fair share, not more.
• Help with ITINs and mixed-status cases (SSN/ITIN): We legally maximize the credits available to your family.
• Payment plans and representation: If you owe, we structure your plan and stand by you before the IRS.

Schedule your consultation today at www.imfinitataxteam.com and reach April with your return ready — stress-free and without leaving money on the table.

Sources

• Internal Revenue Service (IRS) – Refunds: irs.gov/refunds. The IRS states that 9 out of 10 refunds are issued in less than 21 days when you file electronically and use direct deposit.
• IRS Data Book 2023 (e-file and administration statistics): irs.gov/statistics/soi-tax-stats-irs-data-book. It shows that more than 90% of individual returns are filed electronically.
• IRS – Earned Income Tax Credit (EITC) Awareness:
  • EITC page (criteria and eligibility): irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc.
  • EITC Awareness Day announcements (the IRS warns that about 1 in 5 eligible taxpayers don't claim it): irs.gov/newsroom (search for “EITC Awareness Day”).

Note: This information is general and does not constitute legal or tax advice. Rules can change; confirm your situation with a professional. At Imfinita Tax Team, we can evaluate your specific case.