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Wednesday is Tax Day, and if you owe, April 15 is the day you have to pay — whether or not you file an extension.
To make life easier, e-filing is more accurate than paper filing when you use IRS‑approved software. Direct deposit is the fastest way to get your refund. Be sure to double-check Social Security numbers, bank information, and signatures.
Experts say you may get a better refund if you itemize, but if you choose the standard deduction:
- Married couples filing jointly can deduct $31,500.
- For single filers, it is $15,750.
- For heads of household, it is $23,625.
We asked a tax expert why people wait until the last minute to file.
“People are frightened. They’re just frightened, and they don’t want to get the surprise of how much taxes they owe.”
There is also a $6,000 deduction if you are over 65 years old. And the State and Local Tax deduction has gone up to $40,000 for most people, up from $10,000.
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