Tax deadline fast approaching but here are some things you need to know

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Posted at 6:34 PM, Apr 16, 2022
and last updated 2022-04-16 18:44:18-04

LEXINGTON, Ky. (LEX 18) — If you haven't filed your taxes yet, time is running out.

The deadline to file is this upcoming Monday. Tax experts are busy seeing the influx of people rushing. If you have filed already, you may have received less in a refund compared to years past. You may have had to pay for the first time in a while.

"The child tax credit was increased for 2021," said Cate Poole, a site supervisor for the Volunteer Income Tax Clinic at UK. "However, at the same time, some of that was paid as a prepayment."

"Things like the personal exemption went away, other opportunities for deductions went away several years ago," she added."

Poole adds last year's stock market may have played a role.

"With the market doing so well, as it had in 2021, people are making trades, buying, selling stocks," she said. "They might be facing a larger tax bill at the end of the year than they've ever seen."

To learn more about this free clinic, click here.