Monday, January 27th 2025, 10:25 pm
The 2025 Tax season started on Monday and local tax experts encouraged the community to get prepared.
Who needs to file taxes?
“If you received income through the tax year of 2024, you probably do need to file,” said Lyn Fallin, Managing Partner at Total Tax & Accounting, LLC. “Anyone who made over $600 working for someone should have got a 1099. Even if you didn't get a 1099, you still need to report that income.”
She added that people on Social Security usually don't need to file, but if they have other income, sometimes they do need to file.
“The best thing to do is talk to your tax preparer. Go to somebody who knows what they're doing. Don't just assume -- that gets people in a lot of trouble,” Fallin suggested.
Have your documents ready.
Before you file your taxes, make sure to have on hand:
The deadline to file taxes is April 15.
“If you don't file an extension by then and you owe taxes, when you do file, they will send you a lovely penalty letter and it will state that you owe for a late filing fee and for interest on the money that you owe. It is quite expensive,” Fallin warned.
She clarified that applying for an extension would postpone the deadline to file, and not the deadline to pay what might be owed to the state or federal government.
Fallin recommended getting your taxes right the first time because the process of amending can be long and challenging.
“You're looking at a minimum of 16 to 24 weeks before the IRS even processes it.”
If you're interested in learning more about filing your taxes or just want some extra help, click here.
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