ARIZONA, USA — An automatic extension to file your federal taxes is has been implemented and Arizona leaders are pushing for state taxes to have the same grace period.
The new federal deadline is May 17 and the Arizona Department of Revenue is considering an extension for state taxes to keep things simple for everyone filing.
The amendment to the tax deadline will be considered by the House Ways and Means Committee on Wednesday, March 24.
Meanwhile, Financial Expert, Tom Wheelwright says to use the extra time to prepare the necessary paperwork to file so you get a prompt return. He also warns not to forget to consider all the additions 2020 brought.
"Dependent care credits, to PPP loans and so you really want to take the time and maybe this extra month is a good idea," he said.
At last check, approximately 1.5 million individual income tax returns have been filed with the Department of Revenue, with a turnaround time of roughly six to eight weeks.
Wheelwright says it's important this year to whittle down taxable income with a professional so you can get the most during a tough year.
"This is a year to really do everything you can to reduce your taxable income so you maximize your credits as well as reducing your taxes," he added.
And Wheelwright easily recommends the safest step to eliminate any kind of penalty.
"An extension is easy, it's simple and it's something that gives you until October 15th," he said.
Tax tips courtesy of DOR:
- E-file and have designate any refund for direct deposit to your bank. This is secure, fast, convenient, and no need to stop by the post office or bank.
- Double check all the necessary lines and forms are filled out properly. Check for math errors or miscalculations.
- Make sure key information like your tax ID number, Social Security number, routing number or account number are correct in all the appropriate boxes.
- Do not staple any items to the return.
- If filing a paper return, use black ink and print on white paper, and sign and date the return.
- If sending a paper payment, include your voucher, as the department needs your Social Security number or employee identification number, along with the tax period and tax type.