The deadline to file 2025 taxes is just one month away, prompting financial experts to urge taxpayers to begin preparations immediately [1]. Ted Jenkin, certified financial planner and president of Exit Wealth Advisors, appeared on TODAY to share key strategies for tax season, emphasizing the importance of gathering all necessary income documents such as W-2s, 1099s, and records of investment income to ensure an accurate and complete filing [1].
Jenkin highlighted the need to review available deductions and credits, including those related to mortgage interest, state and local taxes, charitable contributions, and education expenses, which can help reduce taxable income and potentially increase refunds [1]. For those unable to meet the filing deadline, Jenkin advised considering an extension, noting that while this grants additional time to file, any taxes owed must still be paid by the original deadline to avoid penalties and interest [1].
Organizing receipts and records for deductible expenses and maintaining backup documentation for credits claimed were also recommended to streamline the filing process and assist in the event of an audit [1]. Jenkin further suggested consulting a tax professional or certified financial planner for complex returns or questions about specific situations to ensure compliance with current tax laws and to take advantage of any new tax benefits [1].
According to Jenkin, "Being organized and proactive ahead of the deadline can help you avoid costly mistakes and ensure you maximize your refund" [1]. Taxpayers are encouraged to start preparing their documents as soon as possible and to be aware of all available deductions, credits, and extension options [1].
CONCLUSION
With the tax filing deadline approaching, experts recommend early preparation, careful review of deductions and credits, and considering extensions if necessary. Staying organized and seeking professional advice can help taxpayers avoid errors and maximize refunds. The market impact is low, as the advice centers on individual tax preparation rather than broader financial markets.