NORTH TEXAS (CBSDFW.COM) – Tax day is Monday and if you’ve waited until the last minute to file local financial experts have some advice for you.
Experts at Liberty Tax Service in the Colony stress the tax laws have changed and you need to know how they impact you.
One thing they point out is that itemized deductions have changed — many have been taken away. So, if you’re used to filing a Schedule A, study up on the changes.
Also, the standard deduction for a single person is now $12,000 and $24,000 for couples. The change means a tax break for most people – but it may not mean you get a bigger refund.
Financial experts already working on tax returns say most people are getting a little more in their paychecks, because their tax rate is down. But that also means they’re getting a smaller refund.
And when it comes to income taxes, don’t forget about extensions.
“An extension is an option but it’s only an extension of time to file not an extension of time to pay,”
explained Liberty Tax Service owner Kryssi Dehn-Contreras. “A lot of people are afraid to file this year. I recommend coming in and seeing how bad your situation is. Some people think they’re going to owe and it’s really not that bad.”
“The refunds are only one part of the picture,” said Jim LaCamp, Senior Vice President of Investments at UBS Financial Services. “It’s the overall how much money did you make and how much did you keep that’s the entire picture and for most people that’s a little bit better.”
One of the biggest things tax experts recommend is that if you don’t know what you’re doing, seek professional help.