Social Good

Its December, which means its time to get your finances in order for the end of the year.To make sure you and your family are prepared to file your taxes in April, area tax experts say there are some changes you should be aware of this year. 40/29 News went on the record with northwest Arkansas and River Valley financial experts about what they say people should know. Tammy Edwards with Shirley’s Tax Service in Greenwood says it’s important to find and organize your important documents so you’re ready to file in April. One thing you can do is “ask your tax office to give you an organizer,” says Edwards. “That has a list of what you used last year as kind of a reminder to look for two retirement forms or three W2s or your bank interest or something like that.”And if you’re looking to increase your refund or reduce the amount you have to pay, you can make donations to charitable organizations.”Charitable donations need to be hand-delivered or postmarked by December 31st,” says Melissa Massey, of Byrd and Massey CPA. “Charitable donations are part of a taxpayer’s itemized deductions. The federal standard deduction is rather high. The Arkansas standard deduction is not as high.”Massey says this means it might make sense to itemize your state taxes but not your federal taxes. Massey and Edwards also break down the changes to electric vehicle credits and what taxpayers need to be aware of when it comes to solar panels. You can watch these interviews in the player above.You can watch 40/29 News On the Record every Sunday morning at 10:30.