Experts offer tax filing tips as deadline approaches
OCEAN CITY, Md. – The clock is ticking. If you haven’t done so already, you now have five days left to file your taxes. Because of the coronavirus pandemic, the traditional April deadline was extended until July 15th, which is next Wednesday. And if you haven’t begun the process of filing your taxes yet, here are some tips experts here on the shore are offering. First things first, if you don’t think you have enough information to file your taxes or you don’t think you’ll be able to meet the deadline you can file for an extension. Also, experts say it’s probably too late to have an accountant help you file by the deadline, but apps like Turbo Tax and H&R Block can be very helpful.
“Filing electronically will allow the quickest processing of a return for refunds or for any other demands. The biggest thing that could also happen is the regret that oh I forgot to file something on a tax return, there is always the opportunity to file a corrected or amended tax return,” said Partner at CG Accounting Group LLC, Phillip Cheung.
Experts add that if you miss the tax deadline and you don’t file for an extension, penalties and interest can start to accrue as soon as the next day.