Local tax experts provide 2021 filing advice
QUINCY (WGEM) – Tax deadlines returned in April after Covid pushed back the usual dates in the calendar year to 2020 and 2021. Local tax experts said there were things to watch out for when filing taxes 2021.
Liberty Tax supervisor Mark Pegler said to pay attention to what you haven’t received on your stimulus checks, and if you think you haven’t received any, check old addresses or bank accounts. He said there had been reports that the IRS was inconsistent with where stimulus checks were sent.
For example, if the first stimulus check you received in 2020 was delivered to your home, the second and third could have been mailed to old addresses or deposited in bank accounts you don’t use or generally do not check.
He also said people between the ages of 18 and 25 who aren’t students or don’t have children should be able to claim an earned income credit, if their income is in the correct range.
“Congress also basically doubled the amount you can earn in this situation,” Pegler said. “And still get the earned income credit. Crazy, crazy stuff on that tax return and many more of those things that we expect to see carried over into future tax years as well. “
Another huge change, Pegler said, is the Advanced Child Tax Credit, which is very important for the tax return to match what the IRS says, even if that money hasn’t been received. Otherwise, it creates massive delays. He says there are ways to track and trace these payments.
Overall, he recommends consulting a tax expert about these changes as soon as possible.
This year, the filing deadline is April 18 rather than the typical April 15 deadline which falls on Patriot’s Day this year, a holiday taken by the IRS.
He said anyone was eligible to apply for a filing extension. He said not to confuse this with the deadline for making the actual payment.
Returns from the states of Missouri and Illinois are also due April 18, while Iowa is due April 30.
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