Tax Season: Filing, Deadlines, and Tips for Maximizing Your Refund

💡IRS is accepting tax returns, and the earlier you file, the sooner you might get your refund.

📅The deadline to file taxes is April 15th, and requesting an extension only gives you more time to file, not to pay.

💲Consider deductions and credits, such as the standard deduction, itemized deductions, and tax credits for childcare and education.

📜Keep track of recent legislation that may impact your tax bill, such as the inflation reduction act.

🔎Consult Yahoo Finance and stay informed throughout the tax season for expert guidance and tips.

When can I start filing my taxes?

—The IRS is already accepting tax returns, so you can start filing now.

What is the deadline to file taxes?

—The deadline to file taxes is April 15th, but requesting an extension gives you more time to file.

Can I get an extension to pay my taxes?

—Requesting an extension only gives you more time to file your taxes, not to pay. You should submit any outstanding payments by the tax day.

What deductions should I consider?

—You can choose between the standard deduction and itemized deductions. Consult a tax professional or use online tools to determine which option is more beneficial for you.

Are there any tax credits I should be aware of?

—Yes, there are various tax credits you may be eligible for, such as the child care tax credit and the earned income tax credit. Research and consult a tax professional for more information.

00:01[Music]

00:03Tax season is here, and it's time to start filing your taxes.

00:09The IRS is accepting returns, so filing early can get you your refund sooner.

00:13The deadline to file taxes is April 15th, and requesting an extension only gives you more time to file, not to pay.

00:21Consider deductions and credits to minimize your tax bill.

00:32Stay on top of recent legislation that may impact your tax obligations.

01:17Failure to file or pay taxes by the deadline can result in penalties.

01:46Choose between the standard deduction or itemized deductions based on your financial situation.