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In Tampa, Florida, the clock is ticking as the April 15 tax deadline looms closer, leaving many last-minute filers scrambling to submit their returns. This year, the tax season could prove to be even more challenging due to recent changes in tax laws and an increased risk of fraud.
Shannon Behnken, an investigative consumer reporter for 8 On Your Side, delved into these complexities with E. Martin Davidoff, a partner at Prager Metis CPAs. Davidoff highlights the heightened difficulty of this year’s filing process and suggests that it might be wise for those struggling to seek professional assistance.
“With the numerous changes and complexities this year, we’re strongly recommending people consider hiring a professional preparer, whether it’s a CPA, tax attorney, or someone experienced in tax preparation,” Davidoff advises.
Additionally, to safeguard against identity theft, Davidoff recommends that taxpayers create an account on the IRS website and obtain an Identity Protection Pin. This unique pin can serve as a critical defense, ensuring that criminals cannot file fraudulent tax returns using someone else’s identity.
He also advises filers to create an account on the IRS website and take an additional step to protect themselves from identity theft: obtaining an Identity Protection Pin. This unique number helps prevent criminals from filing fraudulent tax returns using someone else’s identity.
Davidoff says there are also new tax provisions to keep in mind this year. He points out that taxpayers may now qualify for an interest deduction on loans used to purchase a 2025 car assembled in America, even if they do not itemize deductions.
Taxpayers over the age of 65 who file jointly may be eligible for a $12,000 deduction, while single filers may qualify for a $6,000 deduction.
Davidoff says one of the most common mistakes taxpayers make is failing to double-check important banking details, such as account and routing numbers, when filing.
He also warns against delaying filing due to fear of owing money. Taxpayers who file their taxes late may face penalties of 5 percent per month, up to a maximum of 25 percent of the unpaid taxes.