As Tax Season Nears, Oklahoma Tax Experts Helping Residents File Correctly

The IRS will begin processing tax filings later this month, but Oklahoma tax experts are working to ensure residents file correctly.

Due to several changes, including an increase in standard deductions, many Oklahomans are expected to receive more on their tax returns this year.

What is new about this tax season?

Single filers can expect an estimated $750 increase. Those who are married but filing jointly can see up to $1,500 extra this tax season.

According to Tax OKC, Oklahoma now has the Parental Choice Tax Credit and the Oklahoma Caring for Caregivers Credit.

Additionally, unused 529 Plan funds, also known as college savings accounts, can now roll over into a Roth IRA for the child.

What mistakes can I avoid this tax season?

Every year, many Americans may make mistakes as they file their taxes.

One of which includes not filing, either due to not remembering to file or being unable to afford to pay the IRS.

Second, do not avoid opening any mail from the IRS or the Oklahoma Tax Commission. This is the only way these agencies will try to contact you.

Beware of any scams this tax season. If you receive a call, text or email from someone pretending to be the IRS or Oklahoma Tax Commission, ignore it.

Three, be sure to double-check your math if filing on your own.

Tax OKC says tax season can be overwhelming, but things such as getting an IRS Identity Protection Number and making sure not to omit any W-2s will help you out.