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Common questions

What are tax credits?

Tax credits are reductions to how much tax you owe. There are two types of tax credits: refundable and non-refundable.

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Refundable credits means you can get the dollar amount back even if you don’t owe any taxes. The Earned Income Tax Credit is an example of a credit like this. This means that even if you don't owe any taxes, you can get this credit back as cash.

Non-refundable credits means you can use the dollar amount to cancel out your taxes owed (aka your tax liability). Non-refundable credits can't come back to you as a cash refund though. For example, if you owe $500 in taxes, and have $1,000 of non-refundable credits, your tax liability would be canceled out ($1,000 > $500), but you wouldn't get the remaining $500 back. If you owe $1,250 in taxes instead, you'd get to use it all and then only pay $250 in taxes.

Who can help me if I have questions about my taxes?

We have a tax care team ready for any questions or concerns that come your way. Simply log in and go to your support tab in the app. Choose “text my care team”, and you will be prompted to text us with your questions or concerns.

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You can expect to hear back via text in 1-2 business days at the latest.

What changed for my taxes this year?

This year a couple things have changed. The first one is that there was no stimulus check payment in 2022 so that cannot be claimed on your tax return.

For most people the big change will be in how the Child Tax Credit will be calculated. This year you will need to have earned income to take advantage of this credit, whereas last year you didn’t need to have made any money from work to get it. You also will need to have made money from work to get the Earned Income Tax Credit. To find out more about the changes, check out https://smartasset.com/taxes/all-about-child-tax-credits

The last big change is that the Child and Dependent Care Credit is changing back to its old calculation, which means that you will need to owe taxes to actually be able to benefit from it. It is a non-refundable credit, which means it never comes back to you as cash in your refund and instead only decreases the amount of taxes you owe. The tldr here is that if you make very little income, this credit won’t be able to help you this year.

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Is it hard to file taxes?

We get this question a lot - especially from folks who haven’t filed before! For most folks it is not hard to file their taxes. Even people who work in the gig economy can generally file their own taxes using software. With a little patience and a willingness to make sure you have all your tax documents you too can file your own taxes. At Let’s Get Set we are here to help you along the way - especially when you are new to filing.

Today, most people can use software or apps to walk them through the process. These apps will even send in your taxes for you. As long as you are comfortable typing in information on a computer or your cell phone you can file your own tax return.

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Why do all my forms say 2022 when I am filing in 2023? It's 2023! Why does everyone keep saying tax year 2022?

One of the more confusing things about taxes is that we prepare our tax return for the prior year (this year we are doing 2022 taxes) in the current year. This is because the IRS makes us wait until the full year is done before telling the IRS about the money we made during the year or the credits that we are eligible to receive.

When you are filing your tax return, it is a great time to think about your financial situation over the last year and make plans for the current year.

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An easier and more affordable way to file taxes, made for parents.

Caring for your financial wellbeing, starting with taxes.

Catch all things you need to prepare for tax filing.

Focus on the future: set savings goals and we will remind you to put aside pieces of your refund to build your future.

Tell us your filing preferences. Based on your needs and refund estimate, we will suggest a filing option.

You pay only for filing, if you decide to file with us.

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