- ORIGINAL NEWS
Here are 3 key things to know with one month until the tax deadline
- SUMMARY
Taxpayers across the nation have approximately one month until the federal income tax filing deadline of April 15th.
However, individuals residing in eight states impacted by natural disasters are granted an extension until June 17th.
To assist taxpayers, a variety of free filing options are available.
These include the IRS Direct File pilot and IRS Free File, which partners with non-profit organizations offering software for those with adjusted gross incomes below $79,000.
Additionally, there are programs like Volunteer Income Tax Assistance, Tax Counseling for the Elderly, MilTax, and software provided by private companies.
It’s crucial to explore potential tax savings.
Many overlook the Earned Income Tax Credit (EITC), a credit designed for low-to-moderate-income workers.
Last year, the average EITC refund was over $2,500.
Eligible individuals and families can receive up to $7,430 with three or more children.
Age-related credits are also available.
Other deductions and credits to consider include those related to retirement savings and energy-efficient home improvements.
Pretax contributions to individual retirement accounts (IRAs) or spousal IRAs offer deductions.
Contributions to health savings accounts (HSAs) with high-deductible health insurance provide triple tax benefits.
It’s recommended to consult with a tax professional to maximize deductions and identify potential credits.
With time still available before the deadline, it’s not too late to explore options for minimizing tax liability or increasing refunds.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“As of March 1, the IRS received roughly 54 million individual returns, which is less than 40% of the 146 million expected this season, according to the agency.”
“So far, the average refund is $3,182, up about 5% from the same period last year.”
Negative
“The federal income tax deadline is officially one month away for most filers — and experts say there are some key things to know this season.”
“April 15 is the federal deadline to file and pay taxes owed for most filers.”