The tax filing season was extended again this year due to the coronavirus pandemic, but Texans get even more time. The federal tax filing deadline is May 17, but Texas has until June 15 due to the disaster declaration following February's winter storms.
Michael Smith, president of Avidian Wealth Solutions, says if you haven't filed yet, there are several things to keep in mind. "I would say don't take the standard deduction if you can itemize," he tells KTRH. "For many of us through the pandemic who took care of people, to claim a friend or relative you've been supporting, that's something you can do on a return...also, take any above-the-line deductions if eligible, and don't forget about refundable tax credits."
With the pandemic and the winter freeze causing major issues for Texans, there may be a lot more to consider on this year's tax return. "I presume a lot of people will have losses and things they can itemize," says Smith. "So, you have to go through things a little more carefully, because there's a lot of little nuances with the relief measures we have from coronavirus, and also with the winter freeze."
Even with the extended deadline, the oldest tax advice of all still holds true: don't procrastinate. With the IRS stressed and overextended like never before, Smith recommends those who haven't started their taxes yet to get going. "I hear the IRS is already behind in general, so if you're expecting a refund I would get that return in as quick as possible," he says. "And definitely make sure you read through, understand, and take advantage of any of the tax benefits provided by the coronavirus relief measures."