COLUMBUS, Ga. (WRBL) – The 2021 tax deadline is quickly approaching. This year’s Tax Day falls on April 18, 2022.
Normally, Tax Day would be on April 15, however, during years like these when Good Friday lands on April 15, Tax Day is extended to the following Monday.
Owner of Taxes Done Right, Lagenia Arnold, explains to News 3 the best steps to take if you have not filed your taxes yet.
“April 18, 2022, is the timely filing deadline, so that’s going to be for people who have income taxes due. They need to gather all of their information, W-2’s, 1099’s, and either prepare them themselves or come to a professional, or expert to have their taxes prepared. That’s what they need to start doing, quickly,” Arnold advises.
For those who feel they will not make the April 18 deadline, Arnold confirms there is still an option for late filers.
A request for an extension may be filed with the IRS, the deadline for this is also April 18, 2022. Arnold warns about the downfalls when filing for an extension.
“Extensions are available, but the only thing about extensions, they do not stop late fees and penalties. They just say, ‘I’m filing, I’m just filing late,'” Arnold says penalties do vary for everyone.
Arnold also explains the stipulations behind the Child Tax Credits issued during the pandemic. She says the advancement was optional and breaks down why some people are having to pay it back this tax season.
“When they started the child tax credit, they were being issued in advance Child tax credit from July to December. Some people chose to opt-in. Some people chose to opt-out. So those who did receive those payments from July to December, when it came time to file the 2021 taxes, they had to place it on their tax return to show that they had received it already in advance. So if they had a refund, whatever that amount was, it was deducted from that refund in the amount they received from July to December… As far as what it was, it was in advancement towards their child tax credit they would have received this year. So they got it in advance which means now you need to give it back to us,” she explains.
Arnold also says people have up to three years to claim a tax refund, the next deadline to be on the lookout for is Oct.15, 2022.
“A lot of people don’t know that if they have a refund due to them, they can still receive it up to three years after the last date. So, we’re in ‘21 now which would take that back to ’19, ’18. So if they haven’t filed their 2018 taxes, they have until October the 15th of this year to get their refund,” she informs.