The ongoing pandemic has caused this year’s tax season to be a stressful and frustrating experience for many taxpayers. Stimulus checks, unemployment benefits, and special exemption rules are just some of the new factors you have to consider when filing your tax return this year. Don’t fall behind, get your tax questions answered before the deadline.
Get All Your Tax Questions Answered
1.When is the Deadline to File for Your Taxes?
April 15, 2021 is the deadline to file for a federal income tax return. For those who need more time, you can file for an extension that will extend the deadline to October 15, 2021. If you’re self-employed, an independent contractor, or earn income through investment earnings, the IRS requires that you make quarterly tax payments starting April 15, 2021.
2. Do you Have to Report Your Stimulus Checks?
No, two stimulus checks were distributed last year and one more is on the way. Stimulus checks are not taxable, and you don’t have to report them as income. You just need to report missing or receiving the wrong amount.
3. How Long Does it Take to Receive Your Tax Refund?
Most people receive their refund as early as three weeks. In many cases, there can be delays which can take six to eight weeks to receive. After this period, if you still haven’t received your refund contact your accountant to get your tax questions answered or check the Where’s My Refund tool to track missing tax refunds.
4. Do You Have to Report if you Get Unemployment?
Yes, unemployment checks are taxable, so you would need to claim them in your tax return. If you make more than the minimum amount required to file, including unemployment benefits, you will need to pay taxes on all income.
5. Can You Claim Charitable Donations on Your Taxes This Year?
This year, you can claim charitable donations as a deduction for cash contributions and deduct up to $300.
The deadline to file for your tax return is only a few weeks away so make sure you get all your tax questions answered. If you’re in need of financial assistance or just have a few questions contact Satty, Levine, & Ciacco, CPAs. P.C. Visit our website today for more information!