Consumer

/

Home & Leisure

Susan Tompor: When to look for next child tax credit payment and other October tax tips

Susan Tompor, Detroit Free Press on

Published in Home and Consumer News

As we fall deep into the season of dancing skeletons and haunted hayrides, yes, it's time once again to think about taxes.

Sure, dressing up as a CPA isn't exactly a hot Halloween costume, though, an industry group once smartly suggested dressing up as a golfer wearing the name tag "Par Value" and gave another another costume tip for "General Ledger."

Most of us really aren't thinking tax returns in mid-October. But Oct. 15 is a date to watch for a few reasons.

First, families can expect some treats since the fourth round of advance monthly payments for the child tax credit are scheduled to arrive Oct. 15.

Watch to see if you've received the correct direct deposit or a check in the mail if you have children who are 17 or younger. But don't bank on everything going smoothly for Oct. 15 because we've heard of more than a few bumps in the night with this roll out.

Now the tricky part: Did you file your 2020 tax return by this year's deadline of May 17, which was extended a bit to deal with a long list of tax changes and issues?

 

Or did you need even more time to pull it all together?

Some taxpayers could wrongly view this as a six-month extension from May 17, but the extension is six months from the traditional deadline.

"It's April 15 plus six or Oct. 15," said Mark Steber, chief tax information officer for Jackson Hewitt Tax Service.

Will you need to file a tax return by Oct. 15?

...continued

swipe to next page
©2021 Detroit Free Press. Distributed by Tribune Content Agency, LLC.