Friday is final day to file 2020 taxes; how to prepare for next tax season
COLORADO SPRINGS, Colo. (KKTV) - If you still have to file your 2020 tax return, Friday is your last day to do it.
11 News spoke with experts at Jackson Hewitt Tax Service who said people who asked for an extension in the Spring need to file no later than October 15th, or they may face penalties like interest or IRS notices.
“It’s just important that people know this is the final, final deadline in a year and world of moving deadlines... the Oct. 15th one, it’s pretty much etched in stone. Time to get it taken care of and get that tax return filed. Plenty of help out there from companies to tax pros like ours,” said Mark Steber, Jackson Hewitt’s Chief Tax Information Officer.
According to the IRS, some taxpayers may have more time past the October 15th deadline, including members of the military and others serving in a combat zone, and taxpayers in federally declared disaster areas who already had valid extensions.
“We’re in the middle of October. We’re really only about 75 days out from next tax season! Then, you’ll have to start this again. There is good news, three out of four people get a refund. No real good reason to wait weeks or months in a normal tax season,” said Steber.
Tax experts recommend getting yourself prepared for the next tax season right now, as 2021 was a big financial year with the stimulus checks and child tax credit payments. Steber told 11 News to get your paperwork in place, and start saving up some money now if you think you may owe.
“Your tax return is your single largest, financial transaction every year. Yes, people get married, they have a child, they adopt, they get divorced and those certainly create nuances but for the vast majority of us, it’s your largest financial transaction,” said Steber.
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