NORTHWEST ARKANSAS, (KNWA / KFTA) – Monday, May 17, is the last day individual federal and state income taxes are filed. If you haven’t already, time is running out. You must complete your submission by midnight.
If you do not meet the deadline, you can request an extension. May 17th is also the last day you can file an extension using the Form 4868 if you need more time.
However, a file extension is not an extension for paying the taxes you may owe. That’s due on Monday.
Around 88% of children are entitled to monthly payments in July
When you fill out the form you will need to estimate how much tax you might owe, that is your tax liability. You need this amount to avoid penalties and interest fees.
Grass Root Taxes, Tax Advisor, Diane Hagerty says the worst thing to do when you owe taxes is not to take action.
“Not filing your taxes because you believe you will owe something is a worse decision than filing them and ending up owing them because they will then hit you with not filing penalties ten times worse than failing to pay” said Hagerty.
She adds that if you don’t owe taxes you have approximately three years to claim a refund before it expires.
Now there is no longer a penalty for filing an extension. If you file an extension, you have until October 15th to file your taxes.
This has been an extremely busy tax season, especially with several changes to tax law. Just before the deadline there are some people who may consider submitting themselves.
Hagerty says if you have a simple tax return you can turn to a professional, but you can also use tax preparation software online.
Make sure you have all of your documents, e.g. B. W2-s, if you have been employed, your social security number or tax number for yourself and your loved ones.
She adds that tax software systems have been updated to walk you through the entire process, including tax credits and deductions. They report whether you have received your stimulus checks, what amount you have received and much more.
“I know a lot of things changed in March. It took a few weeks for everyone to catch up, but by now you should be able to get the unemployment on tour done correctly. You should be able to get your tax credit once you’ve paid that. You should be able to get that back. Said Hagerty.
She recommends the direct deposit option when you have a refund. Hagerty says you’ll get your refund back much faster this way. To do this, you need to enter your bank code and account number.
If you are filing a more complicated tax return, you should consult a tax advisor.
Again, you have until midnight to file your taxes or file an extension if you need more time. Remember that payment is still due.