As tax season unfolds, an enrolled agent from Knoxville, Tennessee, Caryle Breeden, sheds light on potential changes impacting tax refunds, with significant implications for middle and lower-income earners, urging vigilance and awareness among taxpayers, according to a report from 6 ABC On Your Side Wate.
Changes Impacting Tax Refunds: Navigating Refund Challenges
Breeden highlights concerns over delays in processing amended tax returns, underscoring the frustration and financial strain experienced by individuals awaiting refunds, amidst an environment of evolving tax software and interpretation discrepancies.
Emphasizing the importance of understanding tax laws and available deductions, Breeden warns of missed opportunities that could result in smaller refunds, urging taxpayers to familiarize themselves with potential benefits and seek professional guidance if needed.
Despite challenges, Breeden notes instances of larger refunds this year, attributing it to increased awareness and utilization of available tax benefits, signaling the importance of proactive tax planning and compliance for maximizing refunds.
Changes Impacting Tax Refunds: Recommendations for Taxpayers
Breeden advises individuals who typically do not file taxes to consider doing so this year, citing potential retroactive laws and changes by Congress that could impact tax obligations and refunds, highlighting the need for proactive engagement with tax filings.
With the April 15 deadline looming, taxpayers are urged to take proactive steps to ensure timely and accurate filings, seeking assistance from qualified professionals to navigate complex tax laws and maximize potential refunds.