Tax deadline approaching, experts offer last-minute filing tips

JACKSON, Tenn. — April 15 is quickly approaching, and experts say now is the time to file taxes for those who haven’t done so yet.

Certified Public Accountant Lee Eddleman said last-minute filers should consider filing a tax extension to avoid penalties.

“You can file an extension and file your taxes on the same day. That’s not going to matter, but if you don’t file the extension and you owe money, then you can get a failure to file and a failure to pay penalty,” Eddleman said.

While not everyone is legally required to file a federal tax return, not doing so could leave money on the table.

“Definitely try to do your research,” Eddleman said.

What to gather before filing

Eddleman said filers should look into what deductions they may qualify for and what documents they may need before beginning the filing process.

“Specifically for this year, you want your last check stub, W-2. If you’ve got any interest earned, dividends earned. If you’re a small business, you want to of course get all of those,” Eddleman said.

According to the IRS, seniors age 65 and older may be eligible to claim an additional deduction of up to $6,000.

For simple tax returns, filing online can be a quick option. But for those who’ve had a complicated year, it may be best to consult a professional who can provide one-on-one guidance and check for new deductions.

“For W-2 earners, your best tips are to participate in your 401(k). Also if you have the availability to do a HSA or MSA, those are deductible,” Eddleman said.

Tax refunds could arrive as early as next week for some filers.

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