WEST SPRINGFIELD, Mass. (WWLP) – The American Rescue Plan is giving people an extra month to file their taxes, instead of the usual deadline, which would normally be April 15.
22News spoke with Ray Maagero, a tax expert at Liberty Tax in West Springfield. He said that there are many reasons to turn in your taxes as soon as you can.
A number of those reasons have to do with your stimulus checks. The first two payments were based on your 2019 tax return. However, if your 2020 tax return gives you better results, you should file now to get that money faster.
That also holds true for this most recent stimulus check. The deadline was delayed because of the American Rescue Plan changes, including the $10,200 exclusion in unemployment.
He said if you are under that category you should still file sooner rather than later. But if you filed before the changes Maagero said not to worry.
“Both the IRS and Massachusetts are going to make those changes automatically. There are some sub details that you need to be careful of that get pretty complicated. The case for the IRS for example if there are certain deductions and credits that you are not eligible for the first time around, they won’t adjust those automatically,” Maagero told 22News.
Another reason to file soon, identity protection. The sooner you file, the less time you give other people to potentially file your information ahead of you and steal your identity.