New tax pilot program can help Valley residents file before deadline
Rio Grande Valley residents have just six days to file their taxes, and the advice from experts is to do it now to avoid any last minute mistakes or charges.
Tax experts say there are a few options available if you file your own taxes online.
The Internal Revenue Service has a new pilot program known as Direct File. The program allows residents to file federal taxes online for free.
It is available to state and federal employees across 12 states. Taxpayers in Texas qualify for this help, but only if you make less than $200,000 a year.
The Treasury Department says 19 million people may be eligible.
The program was launched a month ago and is expected to stay open until April 20. Around 60,000 people have used the program to file so far.
Direct File can also be used by students who received a simple tax return from the IRS.
"Education credit, especially if you are a student, there is a form called 1098, that the university will give you...that also allows you to get credit if you actually spent money out of pocket that wasn't paid for by scholarship or the school," South Texas College Accounting and Business Professor Miguel Garcia said. "A lot of students have a little side business make sure that you report that you have a list of all your expenses, student loan interest is deductible."
Keep in mind, there are a few documents needed before filing a tax return.
You will need:
- Social security number
- Any w-2 forms
- Any documents that have information on savings or investments
- Any eligible deductions like educational expenses
- Any tax credits you qualify for
Several tax preparer offices will be working overtime this weekend ahead of Monday's deadline.