The race is on for last-minute filers as we are now officially within one week of the April 15 tax deadline.
This time of year can feel overwhelming, especially if you have procrastinated. So, what are the last-minute things you need to know and how can you maximize your hopeful return?
Tax agent and expert LuSundra Everett says taxes are just a big puzzle. We first talked to Everett last year when she was in Norfolk giving free tax help at Slover Library.
Positively Hampton Roads
Free tax help part of larger effort in Norfolk to get people financially healthy
Now with the filing deadline approaching quickly, she says, “the only thing that you can really do at this point is contribute to a retirement account. And it does reduce your tax bill some, but it's not a dollar-for-dollar reduction. But by all means, if you can contribute, absolutely do that.”
If you haven’t started yet, click here to make sure you have the proper forms collected.
Also, be sure to check if there are any tax deductions or credits that you can take advantage of.
You will also want to consider how you are filing because that may have changed this year. The five filing statuses are:
- Single
- Married filing jointly
- Married filing separately
- Head of household
- Qualifying widow(er) with dependent child.
“One of the things I tell my client is, you know, when you have a big life change, you tell your family, and then you tell us,” Everett says.
An example of a “big life change” could be getting married, moving, losing your job, or having a child.
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Speaking of having children, Everett says you’ll need to be aware of the changes to the child tax credit.
“If your child turned 17 during the tax year, then your tax bill is going to go up about $1,500. Because of the child tax credit, they won't be eligible anymore,” she says.
I also asked about filing amendments and if that’s something people should be afraid to do.
Everett tells me, “[people should] absolutely not [be afraid]. And we have that happening actually a lot this year. It seems like things are delayed [and] lot of people are just getting forms in the mail that they should have gotten in January.”
If you need help filing your taxes, the Hampton Roads Community Action Program and its FACES Coalition partners give free tax services to people who qualify.
If you don’t think you can file your taxes in time, you can file for an extension, which will give you until October 15.
However, if you don’t file for an extension and miss the deadline, you will face penalties each month your return is late.
