Cheddar breaks down everything you need to know before the April 18th tax deadline.

Closing Bell

Last-Minute Tax Advice

Welcome back to Cheddar news on closing bell. Everyone this segment is brought to you by Jackson Hewitt online offer you a flat low price of $25 to file your taxes online tax season is in full swing with a month left before the deadline of april 18th. So it's important to make sure that you're fully prepared to file today. We're going to break down what changes you should be aware of this tax filing season as well as some last minute tax advice to help you meet the deadline. There have been many changes that taxpayers should be aware of this year. One of the biggest changes is surrounding the child tax credit, how the advanced child tax credit payments impact filers and how to accurately reflect that information on your return. Well, if you were one of the 36 million families that received advanced monthly child tax credit payments, you should have received I. R. S. Letter 60 for 19. That letter will have the information that you need to help prepare your tax return eligible families who do not receive advanced child tax credit payments can claim the full amount of the child tax credit on their return. It's also important to point out that the child tax credit is a fully refundable credit and not based on earned income. Now, if you're the type of person that waits till the last minute to get a task done, you're not alone. So as the clock ticks forward here are a few documents you should gather now in order to meet the deadline. W. Two's pay stubs driver's license, Social Security card, tax returns from 2019 and 2020 as well as receipts for charitable contributions. Those are just some of the documents you'll need to have on hand to file and when it comes to tax extensions, there are a lot of myths and misinformation out there. So what exactly is the tax extension and how does it work? Well, simply put, it's a way for taxpayers to get more time to file their taxes. Taxpayers can get up to six months of an extension. However, an extension doesn't delay the payment due date. If you owe money to the I. R. S. You can get hit with penalties and interest if you don't pay your taxes by that april 18th deadline. So why wait the faster you file, the faster the refund comes according to the I. R. S. The average refund is 13.3% larger than last year coming in at just over $3400. Well three out of four taxpayers are expected to get a refund this year. As of March 11, million refunds have been issued in almost $152 billion dollars have already been delivered to taxpayers. So find out how you can file your taxes online for a flat price of $25 guaranteed even for complicated returns visit Jackson. Hewitt.com