Lansing, Mich (WLNS)- You’ll have to wait a bit longer this year to file your taxes, the IRS will not be processing 2020 tax returns until Friday, Feb. 12, and the deadline will be Thursday, April 15.
The IRS says it needs extra time for system programming and for everyone who qualifies to get their second stimulus payment. And those who did get it will be receiving a “Notice 1444.”
“You need to keep records of what you actually received in stimulus payments, both in the first and the second round, and if you if you got the right amount,” said Nathen Rigney from H&R Block.
And small business owners who may have received grants should know that they are taxable said Rigney, “If they did get a grant from the state, it’s important to know they will get a form 1099.”
Lots of people in 2020 turned their living rooms into workspaces and most purchased new office supplies, but that does not mean it can count as a write-off if you’re employed.
“If they’re self-employed and working from home they can claim some expenses. For all of those who are employees receiving a W-2, we can’t deduct that on our federal return. There is no deduction anymore for home office expenses for employees,” said Rigney.
And if you didn’t get a stimulus payment and are entitled to one, or received less payment, you can file a recovery rebate credit for the difference.
The IRS does encourage people to file electronically, saying most who do will receive their returns within 21 days of filing. It even offers a free electronic tax filer, “Free Files Parenters Tax Service.”