What to know as the tax deadline approaches

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JACKSON, Miss. (WJTV) – There are two days left until the tax deadline, which is on Monday, May 17. In Mississippi, both federal and state taxes are due on that date.

There are a few things different when it comes to filing your taxes this year. Most Americans received stimulus checks. For those who haven’t there’s something you can do when you file your taxes.

“If you have not received your first and second stimulus payments, you have to claim those on your 2020 tax returns for a recovery rebate credit,” explained Tim Lee, CEO and founder of TCL Financial and Tax Services.

Lee said there are some other notable changes this year.

“Certain provisions inside of that act were retro active that if you filed before that act was signed on March 12, it applies towards your tax return that you might not have filed,” he stated.

Some people said they finished their taxes this year with no problems.

“It’s been pretty good. It don’t take that long. You have to be patient. I have a great experience with tax preparer over the last few years,” said Andre Houston.

Others filed their taxes close to the deadline.

“We are in the process of filing now. Have been using this company for 10 or more years, so it’s pretty routine. We know what documents to come in with. We usually get in and out,” said Jason Sargent.

Families are also encouraged to file their taxes before the May 17th deadline to ensure they receive the accurate amount in the new advance monthly Child Tax Credit payments. As part of the American Rescue Plan, families could get monthly payments of up to $300 per child beginning as soon as July 2021.

People can also file a free extension on the IRS website, and the extension will give them an additional five months to file their taxes.

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