Local tax experts share tips on how to prepare for tax season
Jan 04, 2025
WEST SPRINGFIELD, Mass. (WWLP) - It's almost time to start filing your tax returns. Tax Season officially begins at the end of January, even though the deadline for filing 2024 tax returns is on April 15th, it does not hurt to get it done early.
Planning ahead can help you to file an accurate return and avoid tax refund delays. This means you may want to start organizing your tax records & paperwork and make sure that all of your information is up to date.
It also means you should ensure that you're getting the most out of your tax deductions. Earlier this week, 22News spoke to tax officials who say it's essential to come up with a plan where you can pay the least amount of taxes.
To maximize your tax deductions experts outline these few points:
Make a contribution to your 401K
Can result in a deduction of up to $23,000, those over 50 can potentially get as much as $30,500 in deductions
Contribute to your IRA
Make charitable donations
Check your withholdings for 2024
According to the IRS, if you still owe money it is important to file and pay on time to avoid additional interest and penalties. April 15th is also the deadline to file for an extension or pay any taxes that you may owe. Remember, if you file for an extension and you owe money, it is not an extension to pay, only to file.
If you need assistance with filing you may want to find a tax expert to help you get everything done correctly.
Kiara Smith is a reporter who has been a part of the 22News team since March 2023. Follow Kiara on X @KiaraBSmith1 and view her bio to see more of her work.