Hear some tips from an expert ahead of the April 18 tax filing deadline.
Time is ticking to get your taxes filed.
With April just a day away, this is your reminder that taxes are due on the 18.
Amber Whitehead, known as “Amber the Tax Lady,” says there are two questions she’s hearing time and time again this tax season: is the Child Tax Rebate taxable? And, what about the CT Earned Income Tax Credit?
Whitehead owns Whitehead Tax and Financial Services out of Vernon.
Get top local stories in Connecticut delivered to you every morning. >Sign up for NBC Connecticut's News Headlines newsletter.
The Child Tax Rebate check went out last year to some families. Whitehead says it’s not taxable.
But, if you got a CT Earned Income Tax Credit rebate, she explains it’s not taxable on the state side, but it is taxable on the federal side. Those recipients should have received a 1099-G.
Whitehead wants to make sure those folks claim it as income.
Local
“I do not want anyone to get a love letter from the IRS saying, ‘Hey, you forgot to report this income and now you’re going to get penalized on it,'" Whitehead said.
And if you don’t think you’ll get your taxes submitted in time, she says make sure to file for an extension, regardless of if you think you’ll get a refund.
And, she says make sure you question a huge refund.
Whitehead says tax refunds shouldn’t be as big this year as when there were more policies in place during the pandemic.
So, if you have someone doing your taxes, don't be afraid to ask your tax professional questions because whatever you sign off on, you’re held accountable for it.
