TERRE HAUTE, Ind. (WTWO/WAWV) – Local tax experts discuss 2020 Tax Day and provide last minute tips.
July 15th marks the filing deadline for tax returns in the U.S.
Due to concerns over the pandemic, this is three months later than the original deadline set for April 15th.
“I have seen it pushed a few days like back to April 18th because of the holiday but nothing like this at all,” said Lori Carpenter, regional manager for Stadler & Company.
Over the past few months, Carpenter says business has been relatively slow but as the new date for tax day started to approach, she says things have picked up.
“May came and things started to open up and it was still pretty quiet, June came and went pretty quiet. The last week and a half has been crazy. It’s like we’re trying to stuff three weeks worth of tax returns into two weeks,” Carpenter said.
July 15th marks an important day for those who have yet to file their taxes, Carpenter says this is especially important for those who may owe the IRS.
“If they have a payment or think they’re going to owe the IRS, they need to make that payment or there’s going to be an extra penalty that gets added,” Carpenter said.
One factor that is different in 2020 are stimulus payments that millions of Americans received in response to the pandemic.
Carpenter says if you received one of these payments they will not impact your taxes, but if you feel that you should have received a payment and did not, filing your taxes may be a solution to receive that money in the future.
“For instance, if you were a dependent on your parents 2019 tax return but you filed by yourself in 2020, you’ll get that stimulus payment with your tax return,” Carpenter said.
If you are in a race against the clock to file your taxes, Carpenter says at this point electronically filing your paperwork would be the best option.
“You can file by paper but the IRS is currently saying it’s going to take an additional 4 to 6 months of processing potentially. So your best bet if you want to get something done quickly is to file online,” Carpenter said.
Carpenter says you are still able to file for extension on your taxes, which would push the process back to October 15th.
She also says for those expecting a refund that the process is moving at it’s regular rate and between 10 and 21 days you should receive that refund.