If you haven’t filed your 2024 taxes yet, you still have time, but the clock is ticking!
The filing deadline is April 15th.
Tax experts say doing them correctly is tricky, especially if you’ve had any big life event happen this year, switched jobs in different states, or have more than one job.
Certified Public Accountant Edwin Delcarpio with Aldaris CPA Group tells us doing your taxes is no easy task, unless your filing is a very basic one with few deductions or exceptions.
“For those people with something more complex, maybe they have more than one job, have a side hustle, own a rental property, those are the things I recommend you don’t do yourself,” Delcarpio said.
If you don’t already have a CPA, unfortunately, it’s likely too late to get one.
“You generally want to do your search in November, because by the time it comes to January, seasoned CPAs are at capacity,” Delcarpio said. “Too many people are retiring and not enough are coming in, we are stretched thin.”
If you waited too long, don’t fret! There are ways to do basic taxes at home on various sites like TurboTax, H&R Block, or free options like the IRS direct file. You also can go to a non-CPA certified firm.
“There’s this overwhelming feeling that I have to get my tax return right, but it’s not about being perfect, it’s about being accurate,” Delcarpio said.
He tells us he has dealt with the IRS many times, and typically, if you are audited or get questioned, there is an easy fix. He said many people make small mistakes, but not many people end up in jail or being fined.
There are some deductions to keep in mind when filing to get the most money back. These can make a big difference when claimed!
“401k’s, 403b’s, HSA’s, they may be able to itemize deductions, cash and non-cash donations, mortgages, and property taxes as well,” Delcarpio said.
This year, there are a few you may not know about, such as the perks of maxing out your 401k or enrolling in a Section 529 plan to help with future education expenses. That 529 plan can be rolled over to a Roth IRA tax-free after 15 years. As always, make sure you don’t miss that April 15th deadline.
“The penalties are stiff if you don’t file and if you have tax due,” Delcarpio said. “The penalty is 5% each month of your unpaid balance.”
Visit the IRS website for more information and to help answer any questions.