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Thursday, May 16, 2024

Tax season begins on Friday with COVID related changes

Credit: KTNV Channel 13 Las Vegas
Duration: 01:42s 0 shares 1 views

Tax season begins on Friday with COVID related changes
Tax season begins on Friday with COVID related changes

Several tax laws have changed heading into tax season as analysts urge filers to focus on the details.

13 ACTION NEWS REPORTER SEANDELANCEY JOINS US LIVE WITH ALLOF THE CHANGES YOU NEED TO KNOW- BEFORE YOU FILE.SEAN?DAVE - KALYNA - - THE FIRSTCHANGE - IS WHY WE HAVEN'T DONETHIS STORY ALREADY.THE START DATE - THIS FRIDAY -- WAS PUSHED BACK BECAUSE OFTHE PANDEMIC.TAX EXPERTS SAY THERE ARESEVERAL CHANGES - SOMEUNRELATED TO THE PANDEMIC - -YOU NEED TO PAY ATTENTION TOWHEN FILING.FOR EXAMPLE - STANDARDDEDUCTIONS ARE A LITTLE HIGHERTHIS YEAR AND TAX BRACKETS HAVESHIFTED.BECAUSE OF THE PANDEMIC - MORECHARITABLE DONATIONS CAN BEDEDUCTED - TEACHERS CAN DEDUCTCERTAIN UNREIMBURSED COVIDRELATED EXPENSES - - AND THEFAMILIES FIRST CORONAVIRUSRELIEF ACT INCLUDED TAX RELIEFFOR SELF- EMPLOYED PEOPLE WHOCOULDN'T WORK DUE TO THEPANDEMIC.FINANCIAL ANALYST STEVE BUDINALSO SAYS IF THIS IS YOUR FIRSTTIME TAKING UNEMPLOYMENT - -YOU WILL HAVE TO PAY TAXES ONTHAT INCOME."THERE ARE BOXES ON THE SCREENTHAT YOU CAN CHECK THAT WILLOFFER WITHHOLDING BUT , AGAIN,SO I STRONGLY URGE VIEWERS TOSIT DOWN WITH SOMEONE WHO'S APROFESSIONAL."JUST BECAUSE THE START DATE WASPUSHED BACK A LITTLE - -DOESN'T MEAN THE DEADLINE HAS.YOU STILL HAVE UNTIL APRIL 15THTO FILE - - AND YOU DON'T WANTTO WAIT - - BECAUSE LATE FEESHAVE GONE UP FOR ANY LATEFILING AFTER 2019.COMING UP IN A HALF HOUR - -I'LL TELL YOU EVEN MOREBENEFITS OF FILING EARLY -INCLUDING AVOIDING FRAUD.SEAN DELANCEY - - 13 ACTIONNEWS.IF YOU DIDN'T GET ONE OR BOTH

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