Don’t forget to file: Tax returns are due Monday

Maybe you’ve been busy or just entirely forgot, but this year’s filing deadline is Monday for both state and federal taxes.

Tax Day was first introduced in 1913, when the Sixteenth Amendment establishing a national income tax was ratified, and it’s fallen on or just after April 15 since 1955. The date is delayed if it conflicts with a weekend or public holiday, and it was delayed during the coronavirus pandemic.

Most state tax authorities, including New Mexico’s, align their deadlines with the federal government’s.

Taxes can be filed electronically or by paper, although the state Taxation and Revenue Department says returns filed by mail can take longer to process than those filed electronically. The processing of refunds can take up to 12 weeks.

In addition, New Mexicans in low- to moderate-income households are eligible for rebates and credits, including the Working Families Tax Credit, the Low-Income Comprehensive Tax Rebate, and for the first time, the state Child Tax Credit, which can be worth up to $600 per qualifying child, the department said.

The Child Tax Credit is estimated to return around $180 million to 292,000 families across New Mexico.

If you’ve already filed, you can check to be sure the state got your return at tap. state.nm.us after you create an account.

“If a taxpayer’s account notes that their return is pending, the Department has received the return and is processing it,” Taxation and Revenue spokesman Charlie Moore wrote in an email. “Taxpayers should not submit another return. Doing so will delay the processing of the return and any refund that is due.”

Just can’t meet the Monday deadline? You can file for an extension through the Internal Revenue Service (IRS Free File on IRS.gov.) An extension gives you six more months – until Oct. 15 this year – to file both your state and federal tax returns.

Keep in mind: An extension of time to file your return does not extend the time to pay. If tax is due, interest accrues from the original April 15 deadline. So if you expect to owe tax when you file your return, it’s best to make a payment now to avoid interest.

More information on filing taxes is available at IRS.gov and on the New Mexico Department of Taxation and Revenue’s website, tax.newmexico.gov