COLUMBUS (WCMH) — This year’s Tax Day has moved from April 15 to May 17, but even with an extra month to file your taxes, accountants recommend not putting it off.
Clintonville CPA Jane O’Shaughnessy said financial changes and stimulus checks may make the filing process slightly more complicated.
“If you hate doing your taxes and you had anything different happen in 2020, this is the year to talk to a professional,” she said.
O’Shaughnessy explained more clients are asking for guidance after they filed for unemployment, dipped into retirement savings accounts, and applied for loans in 2020. The biggest challenge she’s encountered this season has been reconciling stimulus checks.
“That’s probably been the biggest headache,” she said.
Many of the direct government payments have been based on 2019 income tax returns. If your income changed, you had a baby, or got married in 2020, you could qualify for additional stimulus money, called a “plus-up.”
“When you file that 2020 tax return, you have to include that information and you reconcile it and you can get that credit,” O’Shaughnessy said.
The May 17 deadline applies to federal, Ohio state, and many city taxes, including the city of Columbus. It does not apply if you make quarterly estimated tax payments.
O’Shaughnessy recommends consulting a tax professional with any questions on this year’s taxes. She also recommends filing sooner rather than later to give them time to make adjustments or request an additional extension from the IRS.
“Please don’t put it off,” she said. “I’d hate to see someone struggling with something and all of a sudden, it’s October.”