As the calendar flips toward the end of March, millions of Americans are racing against the clock to meet the April 15 deadline for filing their 2025 federal income taxes. With just one month remaining as of mid-March 2026, financial experts are urging taxpayers to gather their documents and consider options like extensions to avoid penalties. Ted Jenkin, a certified financial planner and president of Exit Wealth Advisors, appeared on NBC's TODAY show to offer practical advice on navigating this year's tax season.
Jenkin emphasized the importance of starting early, particularly with organizing income-related paperwork. "Prep your income documents now," he advised during the segment, highlighting forms like W-2s from employers, 1099s for freelance or investment income, and any records of unemployment benefits received in 2025. According to Jenkin, delays in receiving these documents from employers or financial institutions can push filers into overtime, leading to rushed errors or missed deductions.
The 2025 tax year introduced few major changes from the previous year, but inflation adjustments bumped up the standard deduction to $14,600 for single filers and $29,200 for married couples filing jointly, as reported by the Internal Revenue Service earlier this year. Jenkin noted that while these figures provide a baseline, itemizing deductions—such as mortgage interest, state and local taxes up to $10,000, and charitable contributions—could still yield bigger savings for some households, especially those who made significant donations or home improvements in 2025.
For those feeling overwhelmed, Jenkin recommended filing for an extension as a straightforward safety net. The IRS allows taxpayers to request an automatic six-month extension using Form 4868, pushing the filing deadline to October 15, 2026. However, he cautioned that this does not extend the time to pay any taxes owed; estimated payments must still be made by April 15 to avoid interest and penalties accruing at rates around 5% per year.
Jenkins's appearance on TODAY, which aired on March 16, 2026, came amid a broader push by financial advisors to demystify tax preparation. The segment, titled "Tax Season Deadline Prep: Deductions, Extensions, More," was part of NBCUniversal's ongoing coverage of personal finance topics. Jenkin, based in Atlanta, Georgia, has over two decades of experience helping clients optimize their tax strategies through his firm, Exit Wealth Advisors.
Beyond basic document prep, Jenkin touched on common deductions that filers might overlook. For instance, he pointed to the child tax credit, which remains at $2,000 per qualifying child under 17, with up to $1,700 refundable for lower-income families. Education-related expenses, including up to $2,500 in student loan interest deductions, were also highlighted as potential relief for recent graduates or parents funding college in 2025.
Self-employed individuals face additional hurdles, according to Jenkin. They must track business expenses meticulously, from home office setups qualifying under the simplified $5 per square foot method to mileage deductions at 67 cents per mile for business travel. "Don't forget quarterly estimated taxes," Jenkin said, reminding gig workers and freelancers that underpayment penalties can add up if at least 90% of the current year's tax or 100% of the prior year's isn't covered through withholdings or estimates.
The economic backdrop of 2025, marked by steady inflation around 2.5% and wage growth averaging 4%, has left many households with slightly higher taxable incomes, per Federal Reserve data. Jenkin advised reviewing last year's return for patterns, such as carryover losses from investments or unused credits, to inform 2025 strategies. For those affected by natural disasters—like the wildfires in California or floods in the Midwest—he noted that special extensions and casualty loss deductions might apply, though eligibility requires FEMA disaster declarations.
Technology is playing a larger role this season, with the IRS expanding its free filing program to cover incomes up to $79,000. Jenkin praised tools like TurboTax and H&R Block's online platforms for their accuracy checks but warned against scams posing as tax software. "Verify everything through official IRS channels," he urged, referencing the agency's identity theft hotline at 1-800-908-4490 for suspicious activity.
While Jenkin's tips focus on individual preparation, broader policy debates linger over tax reform. Congressional Republicans have floated ideas for simplifying the code further, potentially eliminating some deductions, but no legislation has advanced as of March 2026. Democrats, meanwhile, advocate for expanding credits for low-income earners and green energy incentives, according to statements from House Ways and Means Committee members.
For retirees, Jenkin addressed required minimum distributions from retirement accounts, which must begin at age 73 under current rules, with 2025 calculations based on December 31, 2024, account balances. He also covered the earned income tax credit, expandable for families with three or more children up to $7,830 in refunds, a lifeline for working poor amid rising costs for housing and groceries.
As the deadline approaches, the IRS anticipates processing over 150 million returns, similar to recent years, with e-filing encouraged for faster refunds averaging 21 days. Jenkin wrapped his segment by stressing patience: "Tax season is a marathon, not a sprint—get ahead now to avoid the rush."
Looking ahead, financial planners like Jenkin predict that artificial intelligence could streamline future filings, but for 2025, human diligence remains key. Taxpayers in states like Appleton, Wisconsin, should also note local requirements, such as Wisconsin's April 15 deadline aligning with federal rules, and potential property tax relief programs.
In the end, while extensions offer breathing room, experts agree that proactive steps today can maximize refunds or minimize liabilities. As April 15 looms, Jenkin's guidance serves as a timely reminder that preparation is the best defense against tax-time stress.
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