What El Pasoans need to know before filing taxes this year

EL PASO, TX (KVIA) — Tax season is underway, and local experts say there are key changes El Paso filers need to know before submitting their returns this year.

ABC-7 spoke to Douglas Rutter, the CEO of The Rutter Organization, Inc. who explained that one of the biggest changes for 2024 (tax returns filed this year) is an increase in the standard deduction. This is a popular way for taxpayers to reduce their taxable income.

For 2024, the standard deduction is:  

• $29,200 for married couples filing jointly (increase of $1,500)
• $21,900 for head of household filers (increase of $1,100)
• $14,600 for single filers (increase of $750)

Most taxpayers take the standard deduction because it simplifies filing and often provides a bigger tax break. However, some tax payers choose to itemize their deductions instead, meaning they list out expenses such as mortgage interest, medical bills and charitable donations, if those add up to more than the standard deduction.  

“Most of the time, you're not even going to be close to not taking the standard deduction,” said Rutter. “Because you're not going to have the expenses to itemize.” 

Rutter says one of the most common errors filers make is forgetting to include Form 1095, which reports health insurance coverage. Remember, failing to submit the correct documents could result in the IRS delaying a refund or rejecting a return.  

Another common mistake is missing out on tax credits, such as the Earned Income Tax Credit (EITC), which is often seen in El Paso, according to Rutter. The EITC is designed to help low-income workers. This year, the maximum EITC for taxpayers with three or more children has increased to $7,830. 

To ensure a smooth filing process, Rutter encourage people to double-check their information and seek help if needed.  

“Get help. I mean, there's all kinds of help out there—all the way from free help to people like myself that do it for a living,” emphasized Rutter. 

For those expecting a refund, the IRS estimates it will take four to six weeks to process after filing.  

Taxpayers have until April 15 to submit their returns, but experts recommend filing as early as possible to avoid last-minute stress and potential delays.  

For more information on tax filing or to check your refund status, visit IRS.gov