Today is the deadline to file your taxes, or file for an extension.
This is the first tax season with new regulations and the two largest changes are: increased standard deductions, and no more deduction exemptions.
One Grand Strand financial expert tells News13, because retirees do not typically have a mortgage payment or pay state income taxes, most are seeing an increase in their return.
“Retirees are generally benefiting from it unless they have those expenses,” Lowery said. “I think by and large I’ve seen more people getting refunds than people getting surprised they owe more.”
Lowery added, those who choose to file extensions, normally do so every year, but there is a key to filing an extension.
“If you don’t make payment, and you owe money, they’re going to tack on interest and penalties,” Rad Lowery said.