NORFOLK, Va. – We are days away from the tax deadline.
This year, experts warn you could get less reimbursement than in previous years and even owe the government money.
Vivian J. Paige, CPA and professor at Christopher Newport University said, in particular, this could be due to the Advanced Child Tax Credit.
“That one alone might create a situation where you might get less money than before. Understand that you only got half of that credit up front, the other half is supposed to come in order to get to get it, you have to file your return,” Paige said. “You also have to consider people who may not have received the last economic stimulus payment that arrived in March. So if they didn’t get it, they didn’t get it last year, so they’re filing this year to get If they’re eligible, not everyone is eligible.
If you still have to file, here are some ways tax experts say you can make the most of it:
- Claim children and dependents properly, as the credits are considerably larger this year.
- Reconsider your filing status. The turbo tax said that in some unique cases, i.e. a spouse has a lot of medical complications, it may make more sense to be married and file separately.
- Embrace tax deductions such as charitable donations, state sales tax, and student loan interest.
Paige said: “The big takeaway is to make sure you understand that if you can’t file by Monday, you can file an extension. The extension is an automatic extension, so it’s good for six months, however, an extension of the filing deadline is not an extension of the payment deadline.”
The deadline for submission is Monday, April 18 at midnight.
Free tax assistance is also available at Hampton Roads. The IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs provide free tax assistance to eligible taxpayers.
Click here to find a location near you.