Financial expert: What to know about tax filing season

Financial expert: What to know about tax filing season

Tax filing season is underway. Here is what to know before the April 15 deadline.

ALBUQUERQUE, N.M. — Tax filing season is underway so we brought in our financial expert, David Hicks, to talk about what to know about this time of year.

April 15 is the deadline. If you can’t file by then, you can submit a form to extend the deadline to October 15. If you owe taxes, you still have to pay April 15.

Statistics show that around 32% of Americans wait until the last two weeks to file taxes.

“It’s pretty typical across a lot of financial issues. We have two months to get your taxes in so buck that trend,” Hicks said.

There are some changes this year. There are inflation adjustments to tax brackets, standard deduction increases, tax credit changes and things like the earned income and child tax credits.

The standard deduction is $13,850 for a single taxpayer and $27,700 for married joint filers. If you’re age 65 and older, you get an extra $1,300.

As you get ready to do your taxes, remember these things:

  • Gather all documents (W-2, 1099)
  • Consider e-filing (Returns come quicker that way)
  • Utilize free IRS resources and services
  • Seek help, if necessary
  • Don’t file late and incur penalties
  • Report all income
  • Double-check your deductions, credits and all calculations and information

David Hicks of Oakmont Advisory Group elaborates on some of these details in the video above.