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Why you should file your taxes soon, even though deadline is July 15

Tax Form
Posted at 10:14 AM, Apr 15, 2020
and last updated 2020-04-15 10:14:43-04

INDIANAPOLIS — Even though the tax filing deadline has been pushed to July 15, tax preparers say you should still file as soon as possible.

“The first major advantage is keeping your social security number safe,” said Paul Sahm, an Indianapolis tax preparer. “One of the scams we’ve seen is people file on other people’s social security numbers. When you file as soon as you have your documentation, you keep your social security number safe and you keep your dependents’ numbers safe.”

Sahm said another benefit to filing now is you get your money sooner, and if you owe, you can plan for it.

“You’ll know how much you’re going to owe, so you can plan and you still don’t have to pay until July 15 of this year,” Sahm said .

Sahm said if you didn’t get the full stimulus amount this year, make sure your tax preparer takes that into account on next year’s taxes.

“Some people may not qualify for it this year because their income is too high, they won’t get the whole amount,” Sahm said. “If something happens, and their income drops next year then they may get the difference between what they got and the full amount.”

Sahm wants to remind people that unemployment monies are taxable.

“So they are going to be paying taxes on that unemployment,” he said. “I would suggest to most people to have your withholding taken out for both federal and state.”

You can expect to get your state return in 7-10 days and 10-14 days for federal returns.

If you did not file taxes this year, you can go to this link on the IRS website to enter your information to get your stimulus check. You can notify the IRS of your change in address here.

If your bank information has changed, the IRS is supposed to have a portal up soon to update your bank account information.

“If the bank account is closed, your bank will reject it and the stimulus check will be sent to your home,” Sahm said.

Many tax preparers, like Sahm, are offering contactless tax preparation.