NORTH CHESTERFIELD COUNTY, Va (WRIC) – Taxes are due Monday for federal income and state income taxes.
What should you do if you haven’t filed yet, or if you’ve filed and are still waiting on a refund?
Certified Public Accountant Juliette Sykes at Liberty Tax in Midlothian said they were so busy Sunday they had to turn people away or promise a filing extension.
Sykes said if you haven’t filed and usually get a refund, there’s no harm done, just try to get your return filed as soon as possible.
To avoid penalties or interest, she said you can fill out a form to file an extension by Monday.
If you haven’t paid and filed, the penalty is much higher than if you apply for a deadline extension to October 15 for federal and November 1 for the state.
The minimum penalty is $423 flat if you don’t pay within the first 60 days of the deadline, so Sykes said it’s important to file an extension. It will reduce the penalties and interest you pay.
For those of you who’ve filed and are waiting on a refund, Sykes said to be patient. Some tax laws changed during the tax season and it’ll take the Internal Revenue Service more time to process your return. The stimulus check rollout has also affected how quickly returns and refunds are being processed.
A variety of reasons could trigger a delayed refund including a change of address, an added or removed dependent or claiming stimulus money you may not have received.
“The IRS is overwhelmed. They are doing their best. And, we find that some people have gotten their refund on time. But, there are many of you out there that just have not received your taxes. When you go online, it says return still processing,” Sykes told 8News Sunday.
She said tax preparers will likely get the same answers you’re getting from the IRS on delayed refunds.
“Waiting has been the thing I have been telling my clients over and over again,” Sykes said. “You have to be very patient.”
If you are eligible for the unemployment benefit tax exemption and haven’t heard back, Sykes said don’t amend your return.
You’ll get automatic refunds in the mail for that because the IRS is adjusting your account themselves based on the new tax laws.