CHARLOTTE, N.C. — Monday is the day that 2020 tax returns are due. It was extended from April 15 because the tax laws were changed by the passage of the American Rescue Plan COVID relief bill on March 11.
Tax experts say about 15% of filers wait until the last day to file, so for those procrastinators out there, here are some tax tips for some last-second filers:
1. Double-check for deductibles and credits
If you had health insurance through the marketplace and paid a premium, The IRS is suspending the requirement to repay any excess tax credit.
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"If they underestimated their income and they were normally supposed to pay some of that back. It's a one-time thing. If you were normally supposed to pay some of that back, the IRS is waiving that," Charles Gaba with ACAsignups.net said.
2. Cash in if you didn't get your stimulus checks
In the event you didn't get your stimulus checks but you qualified, once the IRS verifies you were qualified but didn't receive it, you should get that money.
3. Apply for a payment plan
If you end up owing money, you can apply for a payment plan to lessen the initial financial impact. It allows you to spread out the lump sum over a maximum of six years.
4. File for an extension
Just remember, an extension to file is not an extension to pay. You will still need to pay your estimated taxes by May 17.
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