Residents not waiting to file taxes despite extension
Despite last week’s extension on federal and state tax filings until July 15, Hillsboro resident Mike Duerkson isn’t waiting several months.
“If a person starts doing that, you’re going to have to pay them anyway,” he said. “The only way I’d prolong them was if I didn’t have the money.”
Even if people can’t pay immediately, filing sooner than later can allow them to budget properly, said Julie Wondra, a partner and certified public accountant with Adams, Brown, Beran and Ball.
“I don’t know if there’s a whole lot of risk involved with waiting to file until July 15,” she said. “The one nice thing is that if you owe taxes you can file the return, but payments aren’t due until July 15. It’s good to at least get your return worked up. That way you can budget how much you’re going to owe.”
Duerkson is one of those who has his taxes prepared but is waiting to send his payments.
External concerns over finances could leave many people needing their returns sooner than later, Duerkson said.
“I don’t know what it’s going to do to people,” he said. “I imagine a lot of people will get a return, so they’ll want their returns right away.”
“I’d say we’re really similar to prior years as far as number of returns filed at this point in time,” she said. “Even though the deadline has been extended we’re still pushing to get a majority of the returns out, especially if we know clients are going to get a refund.”
Another place it could affect residents is with recently passed stimulus package payments, Wondra said. If people haven’t filed their 2019 returns then any payments will be based on 2018 taxes, but that added compensation will still be factored onto 2020 income taxes.
Taxes might be the last thing on the minds of many people because of how much else is going on with work and virus concerns around the U.S. and Kansas, she said.
At the same time, Wondra said it might help that more people are home with fewer distractions.
“I think part of it, too, is that a lot of people might be at home now, or they’re working from home,” she said. “They’re home more and they don’t have other activities they’re going to at the moment. It gives them a little more time to get their information together.”
While state and federal tax deadlines were extended, Kansas’ deadline for 2020 first quarter estimates is still April 15.
“If people normally procrastinate, they’re still going to procrastinate now,” she said. “We do have those clients where even though it’s extended until July 15, they’re still going to wait until Oct. 1 to bring their stuff in.”
Many businesses Wondra works with are already preparing, though, even if they normally need an extension.
“Those people are actually getting their stuff ready now,” she said. “So, we may file by the July 15 deadline instead of waiting until Oct. 15.”
Last modified April 2, 2020