The date for filing your federal income tax return usually should be one month from today.
However, due to all the mishegos in January with the storms that wracked the central southern states, the U.S. Government is giving us a break:
“The IRS has issued a filing delay until June 15th,” says CPA Gerard Schreiber. Whether the state will issue a delay: “We’re waiting on the department of revenue to see what the Louisiana filing deadline is going to be; to see if they piggy back with the federal or if they come up with different deadlines.”
If you were out of work last year and received unemployment, the IRS has some big news for you: According to the IRS, the American Rescue Plan states the following: “The first $10,200 is excluded from income [tax declaration].”
Schreiber says to make sure you or your tax preparer take advantage of this recent benefit.
“To correctly report the unemployment compensation on the 2020 individual return. Making sure you don’t pay tax on the first $10,200 per person.”
The Metairie accountant says there's a lot to figure with unemployment compensation, relief checks, PPP participation and other one-time allowances. He recommends: “The complexity of the law this year and everything that’s occurred, it would be a good idea that they may need to consult a tax professional.”
Finally Schreiber says, “If you owe money you don’t want to file until June, if you think you’re entitled to a refund you’ll want to file as soon as possible because the IRS is running behind on the processing of these tax returns.”
