Today marks the beginning of tax season as Louisiana residents can begin filing their state and federal returns. Though the process can seem complicated, Certified Public Accountant Conner Brown said a little information can go a long way to helping you maximize your return and minimize what you owe.
“Make sure you are reading up and taking advantage of all opportunities to lower your taxable income,” Brown said.
Many families received Child Tax Credits this year due to the pandemic. Brown said that doesn’t necessarily make them ineligible to get more credit on their returns.
“Some of these additional child tax care credits have already gone out to people under the form of advance payments so what your going to need to do is make sure you know what that number is and then you’re going to figure out your child tax credit on your tax returns if there’s a difference between the two you can take some additional credit,” Brown said.
Due to Emancipation Day, this year’s returns will be due three days later than usual, April 18th Even with that, Brown advises taxpayers to be ready to file on time or pay the price.
“Late files, penalties are 25% of the tax dues so that can get expensive in a hurry. If you don’t have the ability to file a complete return by April 18th by all means file for and get an automatic extension because you do not want to be late,” Brown said.
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