Help me get a (late) start on my taxes
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The tax deadline is less than a week away, on April 15. If you haven’t completed your taxes yet, you are far from alone. Even David Horn, the Master of Business Taxation director at the University of Minnesota, told producer Ellen Finn that he hadn’t completed his taxes just yet as early April rolled around.
On Minnesota Now’s series called Professional Help, we’re asking the experts to lend us a hand.
Our ask: Help me tackle my taxes
Our professional: David Horn, Master of Business Taxation director at the University of Minnesota
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I haven’t started my taxes yet and I’m overwhelmed!
Take a deep breath. Horn said that you need to start by looking at the big picture: where you got your income from last year, and what major expenses you had last year. Then, gather whatever paperwork you got from your job, or receipts you got from your purchases. Remember, some of that may have been sent to you electronically through your employer.
When you’ve gathered your paperwork, it’s time to choose the avenue through which you’ll file your taxes. Many people use an online program, but if you have a complicated situation with medical bills, multiple sources of income or are a contractor, it may be most helpful to talk to a Certified Public Accountant, or CPA.
How can I file taxes for free?
You can use programs that are run through the IRS, called Voluntary Income Tax Assistance programs. If your income is below $67,000 or you’re a senior, you can try to meet with someone at a place like Prepare + Prosper in St. Paul for free.
You can also find free online filing programs through the IRS website. But be forewarned: some of these sites bury their free version and some people have been misled to pay the site if they aren’t careful.
What new tax deductions can I benefit from this year?
If you work in the service industry and receive tips, you may be in luck. New federal tax law states that if you have tip income reported on your W-2, up to $25,000 of those tips will not be taxed. Even a basic online tax tool should be able to walk you through the process of making sure your tip money is not getting taxed.
Another big change is coming for seniors. If a single senior makes less than $75,000 per year, or a couple filing jointly makes less than $150,000 per year, they could get a $6,000 tax deduction. That deduction is whittled away the higher a senior’s income is above those limits.
You may also save tax money on car payments if you bought a car in 2025. You can deduct up to $10,000 of car loan interest that was used to finance the car. It’s not quite as good as it seems, though. The catch is that your car must have been assembled in the United States. You can look up your vehicle’s VIN number on the IRS website to see if it qualifies.
Use the audio player above to listen to the full conversation.
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