Tax advisor shares tips, new information to know this tax season

February 19, 2024

Ryan Hodges,

JACKSON, Tenn. — Tax season has been underway for some time now and we spoke with an expert to see what you need to be focusing on.

Towards the end of January marked the start of tax season, and the days keep moving along. William Lewis, a Tax Advisor for Lewis Tax Firm, tells us when we need to get everything turned in.

“April 15th is the deadline like it is every year,” Lewis said. “Then there is also a March 15th deadline for many of the business entities filing requirements as well.”

There may be some differences in how you file your taxes, what you will receive, and any credits you may get. Lewis has a tip in order to get that information.

“With inflation, pretty much all the numbers have went up across the board, from standard deductions to, they’ve even increased the amount of money you can make to qualify for healthcare insurance,” Lewis said. “Really just check out the IRS website. That will tell you all of the numbers that have changed from last year.”

Lewis wanted to mention some important changes that have been made for this year.

“A couple of important things are that the required minimum distributions for a retirement account has actually increased to 73 years of age. Adoption credit has also increased.”

Starting this year, you can also take energy efficient vehicle credits on used vehicles. If you are going into a tax firm, Lewis has some ideas on what you need to have prepared.

“Every document that you received income on. So your W2’s and 1099’s. As well, if you’ve got a lot of medical expenses, I would want you to compile those together. As well as any state and local taxes that you’ve paid. Generally when you go to get your taxes, they’re gonna give you some kind of organizer that’s gonna list all your required documents, so I would not worry too much about it,” Lewis said.