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News — In this tax filing season, a  faculty member is providing tips to simplify the process and reduce stress.

To help taxpayers, — associate professor, Family and Community Development agent in Fayette and Nicholas counties and member of the Extension  — has suggestions for the best ways to prepare to file, as well insights on tax refund anticipation loans.

Quotes:

“The first step is determining if you need to file. For the 2024 tax year, single filers under 65 with an income of more than $14,600 are generally required to file, but consult the IRS guidelines to determine your specific filing requirements. The IRS began accepting 2024 tax returns on Jan. 27, and the deadline to file or request an extension is April 15. If you receive an extension, the deadline is Oct. 15.

“Organizing your tax documents is crucial for accurate and timely filing. You will need income statements, either a W-2 or 1099 Form; deduction and credit documentation, including receipts or records for deductible expenses, such as education or medical costs; information on potential tax credits; and Social Security numbers and bank account details for you and any dependents.

“If you’re owed a refund, direct deposit speeds up the process. If you owe taxes, explore payment plans, such as installment agreements, which can be managed through the IRS Online Account.

“Be sure to check for available credits like the Earned Income Tax Credit, which supports low- to moderate-income workers, especially those with children. Also, keep an eye out for any new or updated credits and deductions for 2025, such as those for education or energy-efficient home improvements.

“Tax refund advances, or refund anticipation loans, offer quick access to funds based on your expected tax refund. While this may sound appealing, these advances come with risks.

“Tax refund advances often involve high fees and interest, and if your tax refund is smaller than expected or delayed, you will still be responsible for repaying the entire loan. Additionally, errors in your tax return could delay IRS processing, affecting loan repayment and potentially causing you to incur extra charges. Be sure to read the fine print and understand the terms before proceeding.

“By preparing in advance and exploring the best filing options, you can simplify the tax process, avoid costly mistakes and make the most of your tax refund.” — Lauren Weatherford, associate professor, Family and Community Development Extension agent and Financial Literacy Education Team member, WVU Extension