The 2021 tax deadline is Monday, April 18th, leaving two weeks to file a return. According to the Internal Revenue Service, there were more than one million math errors on tax returns from 2020.
A local consultant, Matthew Burr, said that filing ahead is one way to avoid mistakes and get the maximum return when filing a claim.
“If you’re using an accountant or you’re using one of the companies just to make sure you’ve got all of your information in, documentation submitted on time, making sure that it’s post-marked the date it’s supposed to, and again, if you do owe money, writing a check that you owe money for at this point,” said Burr.
The federal government has expanded the child tax credit and the earned income tax credit, yet, according to a tax expert, more than 1 in 5 Americans don’t know they qualify for these credits or how to claim them, leading to billions in unclaimed benefits each year.
“I don’t know the statistics off the top of my head, but I think there’s probably a large portion of the society that doesn’t claim everything they might be able to,” said Burr. “Again, just being unaware or not familiar on how to do the deductions; and again, that’s why I hire an accountant to take care of all my information at this point,” he added.
There are resources to help should you need them with getyourrefund.org or calling 2-1-1 to identify local free tax preparation sites before filing your tax return.
Burr said that with inflation and the cost of things going up, people should try to save or pay down debt with their tax refund.