Local CPA shares tips to make tax season manageable
SHERMAN, Texas (KXII) - Tax season is upon us and some people whose income has changed are wondering what kind of bill they may be faced with. A local CPA shares tips for filing and paying by the deadline.
“You know it’s good for the people that they have an extended time to file and pay,” said Darold Adami, CPA with Adami, Lindsey & Company.
The upcoming tax deadline to file and pay is April 15th.
Adami says there are ways to make tax season manageable despite the pandemic’s effects.
“You can file an extension and while the time for paying the taxes is not extended till October, the interest penalty for filing later in October is very minimal so that’s of some help to some people to get an extra few months to gather the funds to pay,” said Adami.
Under the pandemic’s circumstances, it’s possible to work out a payment plan with the IRS, with the help of a CPA.
Adami says you shouldn’t see a higher bill from the pandemic’s effects, because if you’ve earned less you’re going to owe less.
“If your earnings this year were diminished because you were laid off for a period of time or seeking other employment then your tax bill is obviously going to be lower because you made less money,” said Adami.
But Adami adds you will still have to pay those taxes on unemployment benefits.
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