Your Money Matters: Advice for Oklahomans filing tax returns this year

With the April 15 tax deadline fast approaching, many Oklahomans may still have questions about filing their returns. Jackson Hewitt’s Chief Tax Officer, Mark Steber, joins News On 6’s Dave Davis to share expert insights on common mistakes, side hustles, and whether DIY tax filing is the right choice.

"Don't Rush and Risk Mistakes"

Filing in a hurry can lead to costly errors, Steber warns.

“Don’t get in too big a hurry and risk making mistakes that either get you an exposure for an IRS letter or worse, leave valuable benefits off your tax returns. So get some help. You don’t need to go this alone.”

What’s New This Tax Season?

Several tax law changes affect filers this year, but the biggest adjustment involves third-party payment platforms.

“If you’ve gotten money paid through your business via Apple Pay, PayPal, Venmo, and the list goes on—if you get more than $5,000, you’re going to get a 1099-K. Used to be that was $20,000, so it’s a much lower threshold. Side hustle workers are seeing these forms for the first time.”

Side Hustles: What You Need to Know

Many Oklahomans, especially Millennials and Gen Z, earn extra income through side gigs. Steber emphasizes the importance of properly reporting these earnings.

“If you’re making money, whether it be side hustle, full-time or part-time, that’s taxable income. The reality is you want it on your tax return. One, that’s the law. But, two, there may be more deductions than the income. You may be having a tax-deductible loss.”

DIY Taxes vs. Hiring a Professional

While many filers try to save money by doing their own taxes, Steber explains when it might be best to seek professional help.

“If you’re a single person with one job, living in your mom’s basement, and had no life changes, side hustle, crypto activity, investments, or loans—then you’re probably okay to do it yourself. Other than that, you need to get a tax pro.”

A tax professional can ensure accuracy, find overlooked deductions, and prevent costly mistakes.

Should You Worry About an Audit?

Many fear IRS audits, but Steber reassures filers that an accurate return is the best defense.

“If you’ve done a complete and accurate tax return, bring on the audit. Many audits are just a letter from the IRS asking for more details. If you misunderstood the law or got bad advice from TikTok or Uncle Bob, you could face penalties. But most mistakes come from leaving money on the table, not fraud.”

Final Tax Tips for 2024

Steber’s advice for taxpayers includes:

✔ Double-check deductions and credits to ensure you claim all eligible benefits.

✔ Report all income, including earnings from side gigs and third-party payment platforms.

✔ Seek professional help if your tax situation is complex.

“Go get your money. It will not happen automatically.”

As the deadline approaches, Oklahomans should take the time to file accurately and maximize their refunds.