Last minute tax season tips ahead of tax day
RENO, Nev. (KOLO) - This tax season is less than a week away, the deadline to file being April 18th 2023, and for those who are still working on getting their paperwork together, local experts are offering advice.
“They raised the tax rate and did not raise the withholdings, so we’re seeing more people that owe even though they have the same amount of income,” said David Miller, Co-Owner at Truckee Meadows Tax Services. “There were also some changes to things like the child tax credit, the daycare credit, that did not give working families as much of a tax break as much as they did in previous years,” he said.
“The biggest changes are there are some EV credits that came into play, new credits from 2023 and tax credits for solar homes,” said Brent Forbush, Managing Partner at Forbush and Associates, CPA.
Certified public accounts, licensed tax preparers, and experts alike say if you’re still working on getting your tax documents in order, the best thing to do is file an extension.
“An extension is just an extension of time to file the return, not an extension to pay, so if they have their return completed, but maybe they don’t have the money; send in the return and you can get put on a payment plan with the IRS,” said Miller.
Experts say its better to file correctly, than to file in a rush. “We always tell clients, ‘don’t panic, don’t stress, just work through it, baby steps, one thing at a time, one piece of paper at a time,” said Forbush.
The deadline to file your 2022 taxes is Tuesday, April 18th, 2023. The deadline to file an extension is the same day, the form is available here.
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