New Year, New Form: Tips for Last-Minute Tax Filers
WESLACO – It's that time of year again – time to file your taxes.
For many, this is something that is often put off because the process may be difficult to comprehend, especially when circumstances change.
The IRS website provides all the information you need in order to file your taxes, especially if you're filing them by yourself online.
This year, taxes are due Monday April 15, but if you need more time, you can still file an extension; remember, this doesn't mean you can put off any taxes you owe.
The taxes owed must be paid by the due date, but you can request a payment plan to alleviate the financial burden.
Tax reform has caused some changes for 2018 taxes and will continue on with changes next year as well.
The 2018 taxes no longer use Form 1040-A or Form 1040-EZ.
Form 1040 has been redesigned and will work in combination with schedules, which are separate forms that can include things such as itemized deductions.
Most people who file will not need to fill out the schedules but those whose taxes aren't so simple may need to use them.
Things such as, unemployment income, profit or loss from business, profit or loss from farming, household employment, credit for elderly or disability, self-employment and child tax credit will require tax filers to fill out a separate form called a schedule (click for example).
These schedules are also used to claim certain credits, such as the Earned Income Tax Credit.
You could qualify for benefits like this even if you aren't required to file taxes.
Keep in mind, those who aren't required to file taxes due to income requirements may still be eligible to receive a refund if the employer withheld federal taxes.
For those who have already filed, you can track your refund by using the "Where's my Refund?" link.
The IRS encourages taxpayers to visit IRS.gov first when questions arise because the demand for tax help via phone is higher around this time.
The good news with all these changes – you may see a bigger refund this year now that the standard deduction has increased.
Below are several links for other questions tax filers may come across: