GREAT FALLS — A Great Falls CPA is offering advice on how to proceed if you’re one of the approximately 30% of filers who waited until the last minute to file their taxes as the July 15 deadline is quickly approaching.
Emily Morrison, an accountant in Great Falls, said that due to this year’s extension caused by the COVID-19 pandemic, tax season wasn’t nearly as hurried as in years past. However, she said many CPAs - including her - still received last minute requests.
Morrison said those individuals will most likely have to extend their filings until October, as earlier filers take priority.
Those who extend until October could face consequences, including penalties and interest on any taxes owed.
Morrison explained that filing with a professional is more secure than doing so independently and could save you from owing money if your calculations are incorrect if you file your taxes yourself. “It’s a piece of mind to come to a professional,” she said.
For those who filed late and haven’t received a stimulus check, Morrison explained there might be a few reasons why:
- You didn’t meet the income requirements
- You didn’t meet the age requirements
- You are between the ages of 17-24 and can be claimed as a dependent
However, if you do qualify for a stimulus check, but filed late, you can still receive a stimulus credit, just not a stimulus checks, as the last of those have already been issued.
“If you didn’t receive one and you were supposed to...you will qualify for a tax credit on your 2020 tax return,” Morrison said. Click here for more information.