The new tax return ends on May 17th. It has been expanded to give people more time to file after changes in tax law that happened during the filing season. One of these changes exempted some unemployment benefits from federal taxes and gave some people a break.
“I would encourage them to file files as I don’t think any new tax changes are on the rise right now,” said Ena Askia-Reese, Liberty Tax Service franchisee.
The last time NBC 7 spoke to Askia-Reese, it was immediately after the $ 10,200 unemployment benefit waiver. At the time, many tax accountants were waiting for instructions from the IRS, suggesting that if people fall into this category, they should wait.
Askia-Reese said the IRS has started going through and adjusting tax returns on its own, so some people may not have to do extra work.
“But you’ve had some people who federal and state mismatched after filing,” Askia-Reese said. “After they filed, they found that the loan wasn’t entirely in line with the state.”
For this reason, Askia-Reese recommends speaking to a tax advisor if you have any questions. You may need to file an amended declaration in order to correctly report your income.
“Even if you sit down with a remote tax professional, it may still be your best bet,” said Askia-Reese.
When sitting down with a tax advisor, Askia-Reese suggests bringing any documents you think are relevant.
“It’s better to bring everything,” said Askia-Reese. “We can say you don’t need it, but if we aren’t aware of it, you’ve suddenly left something out. So bring anything you could consider a tax document with you.”
While the IRS has extended its deadline, not all states have done the same. Askia-Reese said if you’ve received benefits or income in another state, you’ll need to file and review deadlines.
“There are some states that have not been renewed, which means the due date was still April 15,” said Askia-Reese. “The penalties start 30 days after you are late.”