Have you completed and filed your taxes yet?
If you haven’t, you still have time. Here are some last-minute considerations. If you have, here are some suggestions and history for next year.
I normally wait a while before I post after emailing my monthly Information Of Value. However, this is timely information today.
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April 15 is Tax Day for most U.S. residents. Modern federal income tax began with the ratification of the 16th Amendment in 1913. The Amendment gave Congress power to levy income taxes without apportioning them among the states. Before that, the federal government primarily relied on tariffs and excise taxes for revenue.
Over time, the tax code became complex with the addition of deductions, credits, and different tax brackets, reflecting shifts in economic policy and political priorities. Today, federal income tax remains a cornerstone of government funding, alongside payroll taxes, corporate taxes, various excise taxes, and tariffs.
Here’s a breakdown of what to Tax Day considerations to think about:
☑ Filing Deadline
• Federal Deadline: Usually postmarked before midnight local time on April 15 (unless it's a weekend/holiday).
• State Taxes: Texas has no state income tax. Some states have different deadlines—double-check yours.
• Extension Option: You can file Form 4868 for a six-month extension to file (but not to pay).
• Specific geographic locations affected by previous natural disasters such as hurricanes, floods, fires and more have delayed filing dates. See the IRS' FAQs for disaster victims.
💸 Payments
• Owe Taxes? Payment is still due by April 15, even if you file for an extension. Pay your estimated liability.
• Paying Late: Interest and different types of penalties apply if you underpay or don’t pay on time.
• Refunds: No penalty for filing late if the IRS owes you—but you only have three years to claim it.
📄 Required Documents
Before you calculate, make sure you’ve gathered:
• W-2s forms from employers
• 1099s (freelance, investments, etc.)
• Mortgage interest statements (Form 1098)
• Student loan interest, tuition (1098-T/E)
• Retirement contributions (1099-R, IRA records)
• Receipts for deductions and credits (charity, medical, education, etc.)
📋 Deductions & Credits
• Standard vs Itemized Deduction: Choose whichever deduction lowers your tax more.
Common Credits:
• Child Tax Credit
• Earned Income Tax Credit (EITC)
• Education Credits (Lifetime Learning, AOTC)
• Saver’s Credit
Above-the-line Deductions:
• IRA contributions, HSA, student loan interest.
⌛ Contribution Deadlines
You can still make prior-year contributions - counted as made the previous year - until Tax Day to:
• Traditional or Roth IRA
• HSA (Health Savings Account)
🛡 Watch for Scams
IRS never initiates contact by email, text, or social media to request personal or financial information.
Avoid deceptive and fraudulent phishing emails and shady “tax relief” companies promising huge refunds.
🎯 Filing Options
• DIY: IRS Free File (for individual with $84K or less income), tax software like TurboTax, H&R Block, etc.
• Free Help: Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs are available for low-to-moderate income filers or seniors.
I've Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark@kw.com
DFWmark.com
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