What to know about filing your 2020 taxes
Tax filing season
WICHITA, Kan. (KWCH) -
Your taxes are still due even during a pandemic. Many of you have reached out with specific questions and we took those to some tax experts.
I received stimulus money. Will it be taxed?
No. It is not taxable income. If you received it, it does not appear on your tax return at all.
What if I didn’t receive stimulus money?
If you didn’t get your stimulus money or received only one payment, you can claim that on your taxes and it will get added to your refund.
What if I received unemployment? is it taxed?
yes. 100% of your unemployment benefits are taxable. You will need to include that as income on your tax return.
Shane Albrecht with Liberty Tax Service says Kansas doesn’t automatically start withholding those taxes like it would for a normal pay check, so you’ll need to request it through the Kansas Department of Labor.
Albrecht says a lot of people will get a much smaller refund this year, or actually owe money.
What if I received a PPP loan for my business?
Experts say if you paid interest on that loan, you can deduct the interest as an expense for your business.
What about a medical deduction?
Medical deductions are allowed under certain circumstances and you should consult with a tax professional.
What do you need to bring with you or have handy?
-If unemployed, your 10-99 G form
-Self employment or business records
-Medical expense receipts and records
-Tax deduction records
-Other income records
You can start filing your taxes on February 12th and is due by April 15th. It could take the IRS up to 21 days to get your refund to you.
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