Time is running out to file your taxes: Here's what you need to know
GARLAND (CBSNewsTexas.com) — It's that time of year again; the deadline to file your taxes is fast approaching.
If you needed a reminder, the deadline to file your taxes for 2022 is April 18 - just two days away.
"It's definitely not too late to file your taxes," said Terri Brown, the president of Ana M Garza Tax Services in Garland.
They're used to a big rush this time of year, but this year more people are waiting to the last minute to file.
"I think it's because everybody knows that their refunds are gonna be a lot lower or that they have to pay this year, unlike other years," said Brown.
But why are refunds lower this year?
"This year, the child tax credit is lower than last year. It was $3,000, but this year it's now $2000," said Brown. "Also, the standard deduction for married and for single people is higher so there is less tax, but a lot of people with lower incomes are also getting less money back due to the IRS not giving a lot of people the earned income credit."
She says if you haven't filed yet, you should get prepared. Make sure you have all the tax documents you need. If you're missing something, she says, don't be afraid to file for an extension.
"Definitely find a tax preparer who can help you file an extension and with the extension, make sure if you are going to owe that you send some sort of payment. It could be $5 or $10, just anything to show the IRS that you're willing to pay," said Brown.
The IRS says beware of common mistakes that can lead to longer processing times.
They say make sure your return has the correct:
- Filing status
- Birth date and social security number
- Correct routing and account number for your refund
"The biggest mistake is putting the wrong amount for federal withholding," said Brown.
And if you're mailing in your tax return, make sure it's postmarked by the due date April 18 or the IRS won't consider it filed in time.