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Forbes
24-04-2025
- Business
- Forbes
Experts Reveal 3 CommonTax Mistakes That Could Cost You Big
Frustrated shocked african man having problems, feel confused looking at laptop screen at office As tax season comes to a close each year, many Americans rush to meet the April 15 deadline and celebrate when they received a big refund. But according to tax experts, these popular strategies might actually be costing you money. Mark J. Kohler, C.P.A., J.D.,Founding and Senior Partner at KKOS Lawyers, specializing in tax, legal, wealth, estate, and asset protection planning and Timothy Wingate Jr., an IRS-certified tax specialist and founder of G+F Business & Financial Consulting, say taxpayers often fall for three common traps — and correcting them can lead to smarter financial decisions all year long. Here's what people get wrong about taxes and how you can take a more strategic approach. While the April 15 deadline is real, filing your return on that day isn't always required — or even wise. 'Contrary to popular opinion, it's not the end of the world if you don't file your personal 1040 tax return by April 15,' Kohler said. 'In fact, it can be very strategic to not file and instead submit an extension. Getting an extension gives you time to get all your records in order.' Timothy Wingate Jr., an IRS-certified tax specialist and founder of G+F Business & Financial Consulting, agrees—and offers practical advice for how to do it right. Here's how to file an extension the smart way, according to Wingate: Filing an extension gives you until October 15 to submit your return—but remember, it doesn't delay the deadline to pay any taxes owed. To avoid penalties or interest, it's smart to send a payment by April 15, even if your paperwork isn't ready. Most people celebrate a large refund check — but Kohler says that mindset needs to change. 'Our number one cost in life is taxes,' he said. 'If we can minimize that, we can deploy that money in other areas that make us money. That's the concept of tax planning.' Rather than aiming for a big refund, aim to owe nothing — and keep more of your paycheck throughout the year. Talk to a tax advisor about adjusting your withholdings, contributing to retirement accounts, or making strategic investments to reduce your taxable income. With nearly 40% of Americans working a side hustle, treating that income seriously is more important than ever. 'Side hustles aren't just income streams — they're tax planning opportunities,' Kohler said. 'But too many people miss out because they don't keep records or claim expenses.' 'Keep separate accounts, track all expenses, and consult a tax professional,' he said. 'That way, you can legally deduct business expenses and potentially lower your overall tax bill.' Accurate record-keeping is essential to claim these deductions — and to protect yourself in case of an audit. Don't wait until tax season to think about your tax strategy. Avoiding these common mistakes — filing blindly by April 15, celebrating big refunds, and ignoring your side hustle's business status — can help you keep more of your money. Instead, work with a trusted tax advisor, file smarter (not faster), and take full advantage of deductions and planning strategies year-round. Your future finances will thank you.
Associated Press
16-04-2025
- Business
- Associated Press
Energy for a Better Future: Our Corporate Citizenship Impact
Empowering our communitiesGiving back to our communities, and empowering them, is at the core of our corporate mission. In 2024, our focus on corporate social responsibility made a meaningful difference in the lives of our customers and communities, resulting in an economic impact of $153.52 million across our service area. Our dedicated employees were vital to this success, contributing more than 122,000 hours of volunteer service, valued at $4.09 million. Bill assistance for our customers in needWith 40% of our 3 million residential customers living in poverty, Entergy is committed to making a difference in the communities we serve. When temperatures soared last summer, we donated $3 million to help our low-income customers become more energy efficient and save money on their energy Entergy's Beat the Heat program, our customers received bill payment assistance, fans, energy efficiency kits, home weatherization and invaluable support from localcommunity partners. Free tax preparation for our customersFor more than 15 years, we have provided free tax preparation for our low-to-moderate-income customers at Volunteer Income Tax Assistance sites across our service area in Arkansas, Louisiana, Mississippi and Texas. Every year, our IRS-certified employees help customers file their taxes and access valuable information on tax credits and deductions they are eligible for, maximizing their tax refunds. In 2024, Entergy helped low-to-moderate-income customersreceive $55 million in federal tax refunds. Of that amount, $21 million were Earned Income Tax Credits. Since 2009, our support of VITA sites has helped return $333 million to nearly 200,000 customers in our service area. The Civic 50 honoree We were honored to be named an honoree of The Civic 50, Points of Light's prestigious annual list recognizing the top community-minded companies in the United States. This is the ninth time we have been included on this list, and we were also named as this year's Utilities Sector Leader for the second year. This recognition highlights our commitment to corporate citizenship and sets a national standard for driving social impact. Read the full report here. Visit 3BL Media to see more multimedia and stories from Entergy Corporation
Yahoo
31-03-2025
- Business
- Yahoo
VITA offering free tax prep days for Lowcountry residents
SOUTH CAROLINA (WSAV) — Beaufort and Jasper County residents wanting to get assistance or a head start on next year's taxes have several opportunities through the Volunteer Income Tax Assistance (VITA) program's on-site sessions. 2025-ADDITIONAL-VITA-HOURS-FLYER_LRDownload The VITA program is powered by United Way of the Lowcountry in partnership with the Beaufort County Human Services Alliance and the Internal Revenue Service (IRS). It offers free confidential and secure tax preparation and e-filing services for qualifying taxpayers. VITA will offer six Tax Prep Days in Beaufort and Bluffton, which will be appointment only. The Bluffton assistance will be held on April 21 and 28, July 28 and Sep. 29, at the Bluffton Public Library, on 120 Palmetto Drive, from 10 a.m. to 1 p.m. Beaufort residents may travel to the United Way of the Lowcountry office on 1277 Ribaut Road on June 23 and Aug. 25. Volunteers specialize in assisting: Individuals and families earning less than $67,000 annually Non-English speaking taxpayers Individuals with disabilities Seniors aged 60 and older 'We understand that filing taxes can be overwhelming, especially for those with limited resources,' said Sherry Halphen, United Way Volunteer and VITA Program Coordinator. 'Our additional tax prep days provide more opportunities for residents to receive free assistance from IRS-certified volunteers, ensuring they receive every deduction and credit they deserve.' To learn more and book an appointment, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
USA Today
05-02-2025
- Business
- USA Today
Elon Musk says he 'deleted' IRS Direct File. Can Maryland taxpayers file for free?
AI-assisted summary Taxpayers looking to file their taxes for free have a variety of options to choose from. New free-file program IRS Direct File has come under fire from Republicans and Elon Musk. AARP Foundation Tax-Aide provides in-person tax preparation assistance from IRS-certified volunteers. The average American who hires a tax preparer to file even a simple return will spend upwards of $200, according to industry estimates. This year, however, taxpayers have more options than ever to avoid that expense. Or . . . maybe not. The most noteworthy new program for free tax-prep, IRS Direct File, came under fire this week from Elon Musk, who tweeted Monday that the service had been 'deleted.' Democrats and Republicans in Congress are battling over its future. You wouldn't think a free tax-prep service would fall prey to partisan politics. Then again, this is no ordinary presidential transition. With that important caveat out of the way, here are five ways to prepare and file a tax return without spending a dime. PJ's Coffee of New Orleans finding its groove after opening in south Salisbury IRS Direct File Direct File is a new IRS program that allows millions of Americans with uncomplicated taxes to file returns at no cost. Piloted in a dozen states last year, Direct File expanded to 25 states in 2025. The full list: Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Washington, Wisconsin and Wyoming. The IRS says 30 million taxpayers qualify to use the free service this year: pretty much anyone with a relatively straightforward return. The Direct File site will help you decide if you are eligible. 'Above all, our goal is to improve the experience of tax filing itself and help taxpayers meet their obligations quickly and easily,' said Danny Werfel, the now-former IRS commissioner, in a statement. What will Maryland's new Francis Scott Key Bridge look like? See the design here Direct File works on mobile phones, tablets and regular computers, guiding taxpayers through a step-by-step process for completing their returns. The program is designed to help you maximize your refund. Though Direct File sounds innocuous enough, the program has seeded controversy. Private tax-preparation companies lobbied against it. Republican lawmakers have urged President Trump to kill the program, citing concerns over the IRS acting 'as both tax collector and tax preparer.' Democratic lawmakers have lined up behind the program, which launched under the Biden administration. "Direct File is one of the most efficient ways for Americans to file their taxes, saving them time and money instead of forcing them to fork over their hard-earned dollars to tax prep middlemen," said Senator Elizabeth Warren, the Massachusetts Democrat, in a statement to USA TODAY. "Treasury Secretary Bessent promised to keep Direct File around for the rest of this season − he should make it permanent.' Scott Bessent, the new Treasury secretary, committed to keeping Direct File open through the current tax season. However, in a post Monday on X, Elon Musk suggested Direct File had been 'deleted' as part of his campaign against government overspending. The program's website was still up at close of business Tuesday. The IRS offered no official comment. The big question now is whether taxpayers will still entrust their returns to the embattled service. Secret money rooms, destruction of records: The lawsuit against Ocean City's Trimper Rides IRS Free File Free File, not to be confused with Direct File, is a much older IRS program that allows taxpayers with modest incomes to file taxes at no charge with help from tax-preparer partners. To qualify for Free File, you must have an adjusted gross income of $84,000 or less. That means 70% of taxpayers are eligible, according to federal estimates. But only a tiny share of taxpayers actually use Free File: about 4%, according to a 2022 Government Accountability Office report. Private tax preparers deserve some blame. A 2019 investigation by the nonprofit newsroom ProPublica found that two IRS partners, TurboTax and H&R Block, undermined Free File by hiding the service on their websites and steering taxpayers into pricier tax-preparation products. Some taxpayers may be wary of asking the IRS for help preparing their taxes. That could be another reason Free File hasn't taken off. 'There may be some skepticism around filing with the IRS directly,' said Elizabeth Ayoola, a personal finance expert at NerdWallet. But, she said, 'there really are no strings attached.' TurboTax and H&R Block have ended their partnerships with Free File. The current partners: 1040Now, OnLine Taxes, TaxAct, FreeTaxUSA and TaxSlayer. To use Free File, visit its website. You choose a partner tax-prep company and answer a series of guided questions to begin preparing your return. In effect, Free File allows you to use the tax-preparer's software at no cost. AARP Foundation Tax-Aide Tax-Aide, launched in 1968, is billed as the nation's largest free, volunteer-staffed program to help people prepare and file taxes, with more than 80 million taxpayers served. In 2024, nearly 28,000 volunteers helped almost 1.7 million taxpayers file returns. Volunteers are IRS-certified and up to date on the tax code. 'Anyone is eligible, but we really focus on individuals who have low to moderate income, and our training is focused there as well,' said Mioshi Moses, vice president of volunteer programs at AARP Foundation. There are no hidden fees, and volunteers are trained to help lower-income taxpayers find deductions and credits they might otherwise miss. For example, many taxpayers qualify for the Earned Income Tax Credit, a tax break for low- to moderate-income workers. 'It's one of the most effective anti-poverty tools that's out there,' Moses said. 'What we find is that many eligible adults don't claim it.' Volunteers take appointments at more than 3,600 locations nationwide, housed in libraries, malls, banks and community centers in every state. You can have the volunteer prepare your return or get coaching so you can complete it yourself. You do not have to be an AARP member. The service runs from now through mid-April. To find a Tax-Aide center, you can use AARP's Tax-Aide Locator. H&R Block Online Free Edition While H&R Block no longer participates in Free File, the tax-preparation giant offers its own free service. According to the website, 55% of taxpayers qualify for Online Free Edition. You must have a relatively straightforward return. The service includes a free state return. TurboTax Free Edition TurboTax, too, offers free tax preparation to taxpayers with relatively simple returns. Roughly 37% of filers qualify. Contributing: Medora Lee and Susan Tompor. This story has been updated to add new information.
Yahoo
31-01-2025
- Business
- Yahoo
Mayor Scott, Gov. Moore unite to tout CASH Campaign of Maryland
Baltimore Mayor Brandon Scott and Gov. Wes Moore will kick off tax season by highlighting the 24th year of the CASH Campaign of Maryland, a free tax preparation service for household incomes under $67,000. The CASH Campaign was established as a new nonprofit organization in 2017 after the merger of CASH Campaigns of Baltimore and Maryland to create one unified consortium. The nonprofit partners include foundations, nonprofits, community-based organizations, government agencies, the Internal Revenue Service and hundreds of volunteers. Scott and Moore are holding a press conference at UMBC on Friday to laud the campaign and will be joined by IRS Commissioner Douglas O'Donnell, Comptroller Brooke Lierman, local officials and representatives from the CASH Campaign. The event will emphasize the importance of ensuring that low-to-moderate-income Marylanders have access to resources for tax filing assistance. Tax filers can qualify for the credit based on factors such as family size, filing status and income. In addition to tax preparation, the CASH Campaign provides free financial education classes statewide covering a variety of topics. Maryland residents can also get one-on-one support to reach your financial goals in-person or online. Marylanders can find their eligible benefits through a free comprehensive screening. Last year, CASH Campaign filed 17,821 taxes, including 6,823 from Baltimore, according to the organization's 2024 Mid-Year Impact Report. Users around the state received $28.3 million in tax returns, while Baltimore residents got back $11.4 million. IRS-certified volunteers and CASH staff will help prepare and electronically file residents' federal and state returns. Volunteers also can help people open low-cost or free bank accounts in which to direct deposit refunds. Baltimore City officials have warned residents to beware of commercial tax preparers who claim to prepare free returns, but fall short of those expectations when it applies to only a few filers and during limited-time promotions. CASH Campaign had 521 volunteers around the state with 210 in Baltimore last year over a total of 54 locations. Taxpayers can find information about sites and appointments at or by calling 410-234-8008. Have a news tip? Contact Todd Karpovich at tkarpovich@ or on X as @ToddKarpovich.
