For most Americans – the tax season is one of the most dreaded times of the year.
Accountants, tax preparers and payers spend endless hours checking boxes, making deductions and adding numbers that might make your head spin. But are you completing your taxes rather than finishing them? Lance Fenton, CPA with Cooper Norman, "We deal with a lot of businesses and a lot of people just don't keep track of all the activity that's going on throughout the year. If they use an accounting software, like Quickbooks or Quicken maybe, they tend to capture more of your income you get a truer reporting." Lance says that if his clients did not bring him their tax information at least two weeks ago. He recommends they file for an extension.
Often times many are waiting for their business tax returns to come back as that deadline was in March. Lance says "Plenty of people file an extension, it's really easy to do as far as actually filing them and it doesn't actually reflect poorly on you to do that."
But Fenton urges that if you do file a tax extension to file that as quickly as possible.
The government plans to process the long awaited economic surplus check as early as mid May.
Also, if you typically don't file taxes due to low income or other factors – you need to file the tax return in order to receive the rebate.