Tax deadline approaching: Here’s everything you need to know

Personal Finance

TAMPA, Fla. (WFLA) – The last day to file taxes is 30 days away after the Treasury Department moved the deadline to help Americans impacted by COVID-19.

Due to COVID-19, the final day to file one’s taxes is July 15th. With 30 days away, 8 On your Side spoke to Rolanda McDuffie, Certified Public Accountant, about some last minute tips taxpayers should know:

  • Make sure all tax documents are readily available (W2s, 1099s, 1098s and any child tax credits)
  • If one doesn’t have those documents, reach out to the respective institutions to obtain those documents
  • Look at prior tax returns and make sure one captures all income and deductions
  • Pay any tax liabilities
  • If one seeks help from a tax professional, make sure they are legit

“You want to make sure that paid taxpayer is walking you through your tax return so you understand exactly what you’re signing off on because even if they E-file that tax return on you behalf, it’s still your responsibility as far as what’s going on on that tax return and you will be held liable for that information that’s being provided to the IRS,” McDuffie said.

Looking ahead to filing for 2020, those who have not received his or her stimulus check yet, no worries. When filing for 2020, a person can still obtain their stimulus check.

McDuffie also informed 8 On Your Side that people who had to take out money from their 401k during the pandemic will get a bit of break as well.

“If you were effected by the COVID-19 and you didn’t have any income coming in for both individual or personal and you had to withdraw funds from your 401k great news is you don’t have to pay the 10% penalty and those funds and you can spread the tax amount that’s due over a two year time frame as well,” McDuffie said.

McDuffie also says if someone needs another extension they should contact the IRS. Another extension can be given, and that deadline is Sept. 15.

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