Filing a tax return? Here’s what you need to know this year.
SAN ANTONIO – Tax season is right around the corner, and you’ll want to be prepared for some of the changes coming this year before you file. The IRS will use the time before tax season to test its systems due to some tax law changes last year. IRS Free File opened on Jan. 15, so you’re able to begin filing your return now if you have all the documents you need. The IRS says tax preparation software should help you determine what you’re due if you are eligible. RELATED STORIES:San Antonio tax services preparing for season amid pandemicDo you have to pay taxes on unemployment compensation?
San Antonio tax services preparing for season amid pandemic
SAN ANTONIO – Another tax season is upon us, but as with many other things, you can expect it to look different this year because of the pandemic. Another tax preparer, SnapBack Tax Services, told us they are getting their employees ready for the additional services they are having to add this year. When unemployed there are changes to what credits you get and don’t get like the child tax credit. “Unemployment is taxable income, but not earned income,” Haywood said. Here are other notable 2020 tax changes to be aware of:
For some, credit cards are a major part of tax season, survey finds
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.