Tax experts encourage filing before Feb. 15 in case of another shutdown

Tax experts encourage filing before Feb. 15 in case of another shutdown

MEMPHIS, TN (WMC) - With the possibility of another government shutdown on February 15, tax experts suggest filing your returns no later than this week.

With all the changes in 2018 because of the new tax laws, coupled with a second possible shutdown, experts say this might be the year to get a professional to help you file your taxes.

April 15 might be the deadline to file your 2018 returns, but there is a push to file your taxes this week.

Two months before the filing deadline is when the three-week agreement to reopen the government following the historic shutdown ends.

Certified tax preparer Ashly Holmes says her clients at Y's Solutions Taxes in Whitehaven are noticeably worried about the impact of a possible second government shutdown.

“Get it done before the 15th, we are encouraging everyone to go ahead and get it done before the 15th,” Holmes said. “Even with the shutdown on, the IRS is still expecting everything to go out on schedule.”

This month alone, Y’s Solutions Taxes expects to help about 300 people file their 2018 returns.

Between new tax laws and government shutdown concerns, Holmes says they are extremely busy.

“It is a huge concern for most of the clients that are coming in here, and even though we tell them, tell our clients to make sure that you know, you go ahead and get all the proper documentation that you need, they are still you know a little leery about going ahead and filing,” Holmes said.

The IRS expects 90 percent of all returns to be filed electronically this year.

That's expected to speed up processing time, provided another shutdown doesn't cause another slowdown.

There are a few new things this tax season.

There are no more personal exemptions, but the standard deduction is much more generous for single and married taxpayers, along with the child tax credit, which has doubled to $2,000.

For more information, visit the IRS website.

Copyright 2019 WMC. All rights reserved.