Income tax filing deadline is fast approaching and one local tax preparer has some final reminders for those who haven’t yet filed their taxes.
Certified Public Accountant with Henkel and Associates Tom Kennedy reminds those individuals who have dependent children to be aware of the increase and advanced payments for the child tax credit. He says the federal government not only increased the amount families with dependent children receive, but also made those payments as early as last July.
Kennedy points out for those who received the advance payments make sure those amounts can be verified with the IRS when filing your income taxes.
“They’ll send you a statement that tells how much they said they gave you and then I would just check what got deposited into your bank account, make sure that that matches up. That probably, most of the time is going to match up. A lot of times people think, ‘Well, I didn’t get that.’ So we put in the other thing and then a lot of times it comes back that they did receive it, not always. But it just slows down the process. When you’ve got that child credit, you’re talking some pretty big refunds.”
The IRS also reminds taxpayers that they can file for a six month extension and that must be done by the federal tax filing deadline on April 18th. Those granted an extension will have until October 17th to file their federal income taxes. Iowa’s filing deadline is April 30th. Click the link below to file an extension.