Might 17th Tax Day Deadline: What You Want To Know

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May 17th Tax Day Deadline: What You Need To Know

Income tax return (Photo: Lorena Esparza)

WILMINGTON, NC (WWAY) – Tomorrow will be the last day that state and state income tax returns are filed. What should taxpayers know about this upcoming deadline?

The traditional North Carolina state income tax return deadline of April 15 has been extended to May 17, reflecting the IRS’s extended deadline for federal income tax returns.

Those deadlines were also extended last year, which could create confusion for taxpayers this year, according to Wilmington CPA David Lewis.

“I think there are probably some people, some people who don’t know that May 17th is the deadline that has been extended from April and who just don’t know,” said David Lewis, CPA.

This could lead to some people making last minute efforts to meet the deadline.

Lewis says there have been some new changes to federal taxes that may affect some taxpayers.

“The big difference this year, I think, is that we had more changes to the tax law. There weren’t that many changes last year,” said Lewis. “It was in the nature of trying to get together with people and get their information, their data.”

The statement that those who have accumulated unemployment may be affected by the new tax burden.

“If you’ve accumulated unemployment, the first $ 10,200 may not be taxable. If you are ineligible it means they are only excluded from your tax return. Anything beyond that, you will still be paying taxes on it, but that will be of great help to a lot of people, ”said Lewis.

Many people who have yet to file their tax returns to receive stimulus checks may not have received their payments or be eligible for more through the Economic Impact Refund Credit for Reclaiming Payments.

“The IRS is actually holding refunds on these returns because they look at each one individually to make sure the payments match. As a result, I’ve received a lot of calls from people expecting refunds that they haven’t received yet because the IRS is just taking that extra time to make sure the payments match, “said Lewis.

Lewis also advised anyone who didn’t file their tax return by May 17th to request an extension until October 15th to avoid possible penalties.