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Top Tax Questions Answered

Ready or not, here it comes. Tax season is underway with about one month left to file individual income tax returns.

The deadline for filing a 2022 federal individual income tax return and an Arkansas individual tax return is April 18, 2023, rather than the usual April 15th deadline, due to the District of Columbia’s Emancipation Day holiday. If you find yourself unprepared, here are some answers to the top tax questions to get you started.

What documents do I need to prepare my return?

The following are common documents taxpayers may need to prepare their 2022 tax return.

Employment:

  • You will need your W-2s from every place you were employed during 2022.
  • If you received any unemployment compensation during the year, you will need Form 1099-G from the state paying the unemployment.

Retirement Income:

  • If you were retired or if you took a distribution from a retirement plan, you will need Form 1099-R from each plan that your received a distribution in order to file your return.
  • Furthermore, if you received Social Security, you will also need a SSA-1099.

Investment Income:

  • If you had interest income (Form 1099-INT), dividend income, (Form 1099-DIV) and/or stock sales (Form 1099-B), you will need these related forms.
  • Companies will only send a 1099-INT if you had more than $10 in interest income for the year.

Self-employment Records:

  • If you were self-employed, then you will need to have documentation of both your income and expenses.
  • In certain circumstances, you may receive a Form 1099-NEC and/or 1099-K for earnings as an independent. In addition to your income, you will need records of any business expenses.
  • This includes the business miles you have driven.

 Pass-through Income:

  • If you had an interest in a partnership, LLC, S Corporation, trust, or estate, then you will need the Schedule K-1 from the entity.

Rental Income and Royalties:

  • If you owned rental property, then you will need a record of the rents you received as well as the expenses you incurred on the rental properties.
  • Furthermore, if you received royalty income, then you will need Form 1099-MISC from the company paying the royalties.

Other Income:

  • If you had any other source of income, you need documentation of it.
  • This includes gambling income and cancelation of indebtedness.

Child Care:

  • If you incurred childcare expenses on behalf of a dependent, you will need the total amount of these expenses as well as the tax identification number of the child care provider.

Education:

  • If you were a student in higher education, you will need a Form 1098-T showing the amount of your higher education expenses.
  • Additionally, if you paid student loan interest, you will need Form 1098-E.

Health Insurance:

  • If any point during 2022 you had health insurance through the Health Insurance Marketplace, you will need a Form 1095-A before you can filed your tax return.

 Should I take the standard deduction or itemize?

According to the IRS, approximately 87% of taxpayers elect to take the standard deduction. For a single taxpayer in 2022, the standard deduction is $12,950 and for a couple that elects married filing joint status then their standard deduction is $25,900.  These amounts increase slightly for taxpayers over age 65 or those that are blind. If the total of your state and local income or sales taxes, personal property taxes, real property taxes, mortgage interest payments, charitable contributions, and a portion of your unreimbursed medical expenses exceeds the standard deduction, then you may want to itemize.

One important thing to keep in mind is that even if you choose to take the standard deduction on your federal return, you may want to itemize on your Arkansas tax return. This is because the Arkansas standard deduction is significantly lower than the federal standard deduction.

 What if I am unable to file by the April 18th deadline?

If you need additional time to file, you may request an extension.

  • To request an automatic 6-month extension of time to file for your federal individual income tax return, Form 4868 should be filed before the filing deadline.
  • The deadline for filing returns with an extension is October 16, 2023.
  • An extension of time for filing a federal tax return is valid for extending your Arkansas individual tax return also.
  • In the event that a taxpayer only need to extend an Arkansas individual tax return, form AR1055 may be filed.

It is important to keep in mind that while you may extend the time for filing a federal income tax return, the extension does not extend the time to pay any tax due. The tax due must be paid on or before April 18, 2023, in order to avoid interest and penalties.

Where can I get help with my Tax Return?

For individuals who generally make less than $60,000, the IRS’s Volunteer Income Tax Assistance (VITA) program offers free tax return preparation and e-filing for basic tax returns. All VITA tax preparation volunteers are required to take and pass tax law training exam established by the IRS. In Central Arkansas, there are several VITA sites, including 2 sites in Conway. One is sponsored by United Way of Central Arkansas and the other is sponsored by Arkansas Asset Builders. Taxpayers can find contact information for the VITA sites using the following link:  https://irs.treasury.gov/freetaxprep/

In addition to the VITA program, the IRS Free File Program provides free online tax preparation and filing at an IRS partner site for taxpayer whose adjusted gross income is $73,000 or less. The link for the free filing software is:  https://apps.irs.gov/app/freeFile

Why is my refund less than last year?

For the 2021 tax year, certain tax credits were increased or had expanded eligibility due to the global pandemic. Many of those credit have returned to pre-pandemic levels for the 2022 tax year.  Taxpayers taking advantage of these credits may see a decrease in their tax refunds for the 2022 tax year as compared to last year due to these changes. These includes changes in the child tax credit, child and dependent care credit, the earned income tax credit, and charitable contributions.

 Child Tax Credit: For the tax year 2022, the child tax credit has a maximum amount of $2,000 per dependent under age 17. This is down from a maximum credit of $3,600 per dependent in 2021, depending on the dependents age.  Additionally, while the entire of the credit was refundable in 2021, only up to $1,500 of the child tax credit is refundable per dependent in 2022.

 Child and Dependent Care Credit: The child and dependent care credit has a maximum credit of $2,100 for 2022.  The maximum credit in 2021 was $8,000. While the child and dependent care credit was refundable for eligible taxpayer in 2021, it is no longer refundable.

 Earned Income Tax Credit (EITC): The amount of the EITC for a qualifying taxpayer with no dependents is $560 in 2022 compared with the $1,502 in 2021 for the same individuals.

 Charitable Contributions: During 2021, taxpayers could deduct up to $300 ($600 for married couples) of cash contributions to charitable organizations even though they claimed the standard deduction. For 2022, taxpayers may only deduct charitable contribution if they elect to itemize their deductions.

Where is my refund?

According to the IRS, over 90% of refunds are issued in less than 21 days for those taxpayers that e-file their return and have the refund direct deposited into their account.   In many cases, the refunds are appearing in approximately 10 business days.  Taxpayers filing a paper tax return can expect longer wait times on refunds as processing the paper return may take more than 4 weeks. Taxpayer’s may check the status of their refund using the IRS2Go app on a mobile phone or visiting the following site: https://www.irs.gov/refunds.


About the author: Ashley Phillips, JD, LL.M

Ashley Phillips joined the University of Central Arkansas in August of 2016 as a full-time Assistant Professor in the College of Business Accounting Department. Prior to that, Phillips served as an attorney in Tennessee and Arkansas, including as a Senior Attorney for the Internal Revenue Service. At UCA she teaches classes like Accounting 2310 for beginners all the way through Advanced Income Tax courses for graduate students.

Phillips earned her Bachelor’s degree in Accounting from the University of Arkansas, her Master of Laws (LL.M) in Taxation from the University of Florida, and her Juris Doctorate (JD) from the University of Arkansas. Phillips is well known for serving her community though the Volunteer Income Tax Assistance Program. In 2022, she was awarded the Peter J. Mehl Service-Learning Faculty of the Year Award for 2021-2022 and the College of Business Excellence in Service award in 2021.

Accounting Opportunities: 10/17/22

THIS WEEK

FORVIS Field Trip and Lunch (Accounting Club)

Sign up now for Fri Nov 4 at Noon

FORVIS (formerly BKD) is a national accounting firm with a brand new office in Little Rock. UCA Accounting Majors have been invited on a field trip to see the new offices and hear about opportunities at FORVIS. Space is limited, so sign up ASAP using the link below. If interest exceeds capacity, preference will be given to (1) juniors, seniors, and MAcc students still seeking employment; then (2) freshmen and sophomores.

To sign up: https://forms.gle/w6gPP6dBtL98A7nL8


Fear the Strike Bowling Tournament (Accounting Club)

Sign up now for Bowling on Mon Nov 7 at 5:30p

Calling all accounting majors:  Join us for Fear the Strike.  This is an opportunity for you to meet other accounting majors, faculty, and accounting professionals from multiple firms. As an added bonus, the team with the highest score will win $1000 for a charity!  Space is limited so sign up today. The following firms are bowling with us: Landmark • Garland and Greenwood • FORVIS • HCJ • HoganTaylor • Frost • EY • and 1-2 more to come.

To sign up: https://forms.gle/iVUepx7wpdfD7VBq9

***See attached flyer about $200 Gift Card Give-Away; $25 gift card to one person present at this meeting.


Focus Group & $50 For You (Bell & Company)

Sign up now for Mon Nov 15 at 2:30p

Bell and Company (a CPA firm in North Little Rock and Conway) would like to visit with Accounting Majors and ask some questions about you and how you will search for a job. For you time (about 2 hours), they will pay you $50. Only the first 10 who meet the requirements will be selected. The location is the UCA College of Business (room to be announced). This event is only open to accounting majors (not accounting minors, other majors, or students seeking the Technical Certificate in Accounting).

To sign up:  https://forms.gle/PCbqYrR42yyPtsXF9


Diversity, Equity, and Inclusion (Beta Alpha Psi International)

Sign up now for Tue Oct 27 at 6-7p (Virtual meeting)

Diversity, equity, and inclusion (DE&I) are about genuinely embracing and valuing the full range of differences that make each individual unique. Our speakers for this session will be:

  • Kimberly Ellison-Taylor, KET Solutions & President, Beta Alpha Psi
  • Rebecca Goessel, University of South Carolina Upstate, At-Large Director for Diversity, Equity & Inclusion, Beta Alpha Psi
  • Loreal Jiles, Vice President, Research and Thought Leadership, Liaison to Committee on Academic Relations – IMA
  • Blane Ruschak, President- The PhD Project

To sign up: https://www.bap.org/events and click Register here.


J.B. Hunt (BASCOM)

Tue Oct 18 • 1:40p–2:30p • COB 307 or Zoom

BASCOM (Bears for the Advancement of Supply Chain and Operations Management) is welcoming J.B. Hunt, trucking company based in Arkansas, to speak to interested students. Pizza will be provided (bring your own beverage). If you can’t meet in person, email mcross@uca.edu to get the Zoom link. See attached flyer for more information.


CPA Evolution Survey (AICPA)

Dear Accounting students and future CPAs: The AICPA would like to hear from you about CPA Evolution (https://www.evolutionofcpa.org/)! Please take a few moments to fill out a short survey. Your answers will help us shape the future of the CPA Exam. Thank you! ~AICPA Examinations Team

Survey Link: https://aicpa.qualtrics.com/jfe/form/SV_6ySBiKREsLGTvzU

All Students Welcome to Compete in COB Homecoming Innovation Challenge

Imagine Lab Innovation Challenge 4: The Homecoming Challenge

Entries due October 29, 2022

Download Details

COB launched this challenge series to help students develop and exhibit their talents in innovation. For this fourth and final open-call opportunity this semester, think about current UCAers and alumni. Think Homecoming 2022 – the pageantry, the festivities, the memories. Current and former students can find something meaningful during Homecoming.

WHO: Any UCA student is welcome to enter this challenge whether you attend UCA online or in person.
WHAT: Imagine Lab Innovation Challenge 4: The Homecoming Challenge
WHEN: 
Video submissions are due by 11:59 p.m. on Sunday, October 29, 2022.
WHY: (1) Prizes. (2) Entry into Tournament of Champions. (3) Bragging rights on your resume.

For Homecoming this week, students are invited to participate in an either/or challenge. Either
(a) design an “official” sticker to be placed on water bottles, personal tech devices, car windows, etc. or
(b) make a music video using the UCA Fight Song as the music and lyrics.

Students from any major or college at any level — both face-to-face and online — can participate in the Innovation Challenge Series.  The deadline is Saturday, October 29, 2022, at midnight to exercise their opportunity-seeking and problem-solving skills.

Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business), make Homecoming memorable in this core challenge. Then, make a video of yourself highlighting the features of your approach. Upload that video to YouTube and share a link via this form. Please know that the video can be as long as you want, but only the first two (2) minutes will be viewed for prize consideration. Prizes are gift cards valued at $100 for the best approach, $50 for second, and $25 for third. Email for questions or details.

Also, many thanks to Stoby’s for contributing to the first place winner prize!

Be sure to request access to the Imagine Lab via the Department of Marketing & Management: mktgmgmt@uca.edu.

All UCA Students Welcome to Participate in TLC Box Challenge

Innovation Challenge Series at UCA
Challenge 3: Due October 16, 2022
The TLC Box Challenge | Download the Details

Students from any major or college at any level can participate in the Innovation Challenge Series.  The deadline is Sunday, October 16, 2022, at midnight. For this 3rd challenge, think inside the box to brighten someone’s day – and not just any someone. Brighten an Arkansas Children’s Hospital patient’s day. Provide some TLC or Tender Loving Care in a box to a child. Hospitalized children and their families can experience long, and sometimes painful, lonely days. This is not only true in hospitals but also in venues like Ronald McDonald Houses. Unboxing joy, and delivering smiles or laughter, are welcome distractions on most days.

Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business), help a child unbox some joy in this core challenge. Then, make a video of yourself highlighting the features of your approach. Upload that video to YouTube and share a link via this form. Please know that the video can be as long as you want, but only the first two (2) minutes will be viewed for prize consideration. Prizes are gift cards valued at $100 for the best approach, $50 for second, and $25 for third. Email for questions or details. 

Be sure to request access to the Imagine Lab via the Department of Marketing & Management: mktgmgmt@uca.edu.

Photo by Count Chris on unsplash.com 

Innovation Challenge 2: Due October 2, 2022

Feedback from all types of industries continues to speak to the desire for more creative, innovative, and problem-solving talent. COB has launched this challenge series to help students develop and exhibit their talents in innovation. Get ready to compete!

WHO: Any UCA student is welcome to enter this challenge whether you attend UCA online or in person.
WHAT: Imagine Lab Innovation Challenge 2: The Celebration Challenge
WHEN: 
Video submissions are due by 11:59 p.m. on Sunday, October 2, 2022.
WHY: (1) Prizes. (2) Entry into Tournament of Champions. (3) Bragging rights on your resume.


For challenge 2, select a day in September and tell us how to celebrate it in a big way. Is it a gift-giving occasion? Are specific foods available? At a minimum, bring people together for a celebratory event with this challenge.

One option is to select an existing September day that you believe deserves more festivities (see NationalToday.com listings). Labor Day is one such day that is perhaps not celebrated to the magnitude of October’s Halloween. Another option is to create your own “day.” Either way, make it as grand as your favorite holiday. 

Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business), design a big-time celebration that brings people together. Then, make a video of yourself highlighting all the specifics. Upload that video to YouTube and share a link via this form. Please know that the video can be as long as you want, but only the first two (2) minutes will be viewed for prize consideration.

Prizes are gift cards valued at $100 for the best big day, $50 for second, and $25 for third. First prize gains entry into the Tournament of Champions set for November 16.

For on-campus students, the Imagine Lab has simple innovation tools available for use.  If students need Imagine Lab access or access to COB over the weekend, they can email mktgmgmt@uca.edu for more information.  For online students, accessing the Imagine Lab is not a requirement to participate.

Want to know more about the first challenge? Check out the competition.

Email for questions or details. Department of Marketing & Management: mktgmgmt@uca.edu 


Photo by Kym MacKinnon on unsplash.com

Innovation Challenge Series at UCA: First Challenge Released!

A new and exciting innovation challenge series is launching in the COB Imagine Lab! The first challenge deadline is September 16, 2022: The Suitcase Challenge. Prizes will be awarded for the best ideas.

For this challenge design a suitcase that accommodates clean clothes at the beginning of a trip and dirty clothes during and at the end of a trip. Said differently, design a suitcase for a whole trip, not just the start of a trip. Suitcases are in need of an upgrade. Some of the features like wheels, handles, and expandability are great, but a core challenge remains: mixing clean and dirty clothes at the travel destination.

Using tools found in the Imagine Lab (3rd Floor of UCA’s College of Business) design a suitcase that overcomes this core challenge. Then, make a video of yourself highlighting the features of your upgraded design. Upload that video to YouTube and share a link via this form. Please know that the video can be as long as you want, but only the first two (2) minutes will be viewed for prize consideration. Prizes are $100 for the best-upgraded design, $50 for second place, and $25 for third place.

Stay tuned. The first challenge is for students, but we will be engaging other friends on and off campus this semester. Get ready to compete! Teams are welcome. Email for questions or details.

Department of Marketing & Management: mktgmgmt@uca.edu

Internship • Marketing Intern • Deadline: July 31

Painted Tree Communication/Marketing Internship (Paid)

Internship • Financial Advisor Intern • Deadline: Aug. 31

Strategic Financial Partners – Fall 2022 – 9/6/22 – 11/9/22

Our internship program introduces candidates to the financial services industry and allows them the opportunity to shadow advisors, conduct financial interviews, illustrate various products, and understand the process of completing a financial plan. Upon completion, the candidate will have the insight to determine if an ongoing career is right for them.

APPLY or LEARN MORE: https://uca.joinhandshake.com/stu/jobs/6514417

Check out Handshake for more opportunities tailored to your qualifications and interests. | Learn more

Internship • Operations • Deadline: Aug. 31

PAM Transport | North Little Rock, Arkansas | $15.00/hour

Role Description

UCA Students —- We are growing! PAM Transport is looking to add interns to our terminal in North Little Rock. We are looking for a candidate still in school or a recent graduate who is looking to get into the transportation industry. Our internship schedules are flexible as we know all candidates have different class times. You can work full-time during the summer and the internship does not have to end there. If you enjoy it and do well then we would love for you to continue gaining real world experience working part-time during the school year. This is a great way to learn the industry from the ground up and many of our interns stay with us through graduation and join the team full-time!

[Read more…]

Internship • Financial Advisor • Deadline: Aug. 31

Strategic Financial Partners Internship for Fall 2022

Role Description

Our internship program introduces candidates to the financial services industry and allows them the opportunity to shadow advisors, conduct financial interviews, illustrate various products, and understand the process of completing a financial plan. Upon completion, the candidate will have the insight to determine if an ongoing career is right for them.

[Read more…]