GREENSBORO, N.C. — The IRS is delaying the 2020 tax filing deadline to May 17.
The IRS originally delayed the start of tax season to February 12th to give the IRS more time to test new systems impacted by tax law changes under recent COVID-19 stimulus packages.
J.R. Cecil and Ryan Dodson with Liberty Tax Services explain everything filers need to prepare for during a tax filing year where many lived on stimulus checks and unemployment.
If I didn't get all of the stimulus checks, can you still get the money if I qualify?
Yes, anyone that qualifies can still claim their money by filing for it on their taxes. For anyone that has already filed, the IRS is not recommending or accepting amended returns right now. The agency hasn't specified when amendments will be accepted, but at some point they will be.
Will I pay taxes on my unemployment?
Under the American Rescue Plan, anyone whose income is below $150,000 that filed for up to $10,200 in federal unemployment benefits will not be taxed on that money. North Carolina leaders have not said if they'll follow suit for state benefits. The IRS is now accepting tax returns with the exclusion of unemployment benefits.
How can I increase my refund?
Everyone is eligible for charitable deductions up to $300 even if you do not itemize. Tax payers can also file with their prior year of earned income for the child tax credit or earned income tax credit if it gives you a better answer on those credits.