Tax deadline swiftly approaches, financial advisors offer tips

ROCKFORD, Ill. (WIFR) - We’re just a month away from the 2020 tax deadline and there are still lots of questions surrounding this year’s taxes.

The IRS has announced people who have received unemployment in 2020 will get an automatic refund of up to $10,000. Under the American Rescue Plan, Congress removed the Federal Taxability of Unemployment benefits. More than 23 million U.S. workers filed for unemployment last year.

Professionals with Savant Wealth Management in Rockford offer advice about what to do at tax time if you didn’t receive one of your stimulus checks.

“You can basically say ‘I have not received my 2nd or my 3rd COVID stimulus check’ whichever one it is and it ends up being paid to you in terms of a refundable tax credit back to you,” Lewis said. “The easiest way I explain it to people is if you get to the end of your taxes and you owe $0 and then you claim your stimulus check, you’re going to end up getting a $1,200 refund.”

Illinois has extended the individual income tax filing deadline from April 15 to May 17.

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