Eau Claire (WQOW) - The May 17 tax deadline is fast approaching, here's what the extended deadline means before you file.
Originally set for April 15, the tax deadline was extended one month due to national and state law changes on loans, stimulus packages, software updates and unemployment.
If you haven't filed your taxes since 2017, or your income has changed, certified public accountant Todd Kostman said now is the time to do so as the IRS will make adjustments over a three-year period but will not modify your return beyond 2017.
"If your income was too high before tax filings in previous years, so you didn't qualify to get them advanced, and your income has dropped, you can get them with part of your tax return because there is a new schedule for the rebate credit to come through as an extra withholding," Kostman said.
Kostman recommends filing taxes this year electronically and selecting direct deposit, it can speed up tax returns by up to five weeks.
Paper filings have additional requirements this year, and the IRS is backed up since most of their employees are working from home.
If you are a small business owner, Kostman suggests filing immediately as rebates for payroll taxes can take up to 10 months