Whether you’re a seasoned taxpayer or a first-time filer, tax season can be a stressful time for anybody. 2024’s tax season will be here before we know it, so why not get prepared early? We sat down with Senior Tax Manager at Eide Bailly, Jess Nehl, CPA, for our podcast Let’s CU Succeed. Jess is very knowledgeable about the subject, so he gave us some great tips and information on how to easily get through the tax season.
Below is a part of our discussion, but you can hear the whole thing by listening to Let’s CU Succeed, available wherever you get your podcasts!
K: What is one of the first things people should know about taxes?
J: The due date is April 15th unless the 15th is a Saturday, Sunday or holiday.
K: What circumstances lead to filing for an extension?
J: Anyone can file on extension. You automatically get a 6 month extension if you file the extension form. It is common to file an extension if you are having problems getting all your tax documents together and have some circumstances so you cannot file on time. One thing to know is that an extension gives you more time to file but it does not give you more time to pay. You still have to pay by April 15th. You guess how much you owe, write a check and hope that is enough to cover what you owe. If you overpay, you will get a refund when you do file.
K: How do you decide if you can do your own taxes or if you should hire someone to do them for you?
J: It depends on how complex your taxes are. If you only have a couple of W-2s, you can probably file online on a free website. But once you start having any businesses, investments, or things like that, you can still do it yourself online, but at that point it typically is nice to get some help.
K: For people who do not have a tax accountant, how do they know which credits they can claim?
J: The IRS website has all this information available. There are also state tax credits, in North Dakota you can go on the North Dakota tax commissioner’s website and learn more there.
One of the current credits available for home owners is the Primary Residence Credit (PRC). This was established during the 2023 Legislative Session under House Bill 1158. The credit provides all North Dakota homeowners with the option to apply for a state property tax credit through the North Dakota Office of State Tax Commissioner.
Homeowners with an approved application may receive up to a $500 credit against their 2024 property tax obligation.
To be eligible for the credit, you must own a home (house, mobile home, town home, duplex, or condo) in North Dakota, and reside in it as your primary residence. Learn more.
Want to keep learning? Listen to the Jess' tax podcast here!