Your tax questions answered in 3 minutes
3:26

Your tax questions answered in 3 minutes

Taxes
It's tax time and 2020 was a complicated year. I'm farnoosh Torabi with Nexus advisor here on CNET to answer your most burning Tax Questions in 30 minutes. [BLANK_AUDIO] Okay, here you're gonna see the clock and topics below are the questions. Let's get started beginning with some popular COVID related questions really important. First of all, will the April 15 deadline be pushed back? Well, the IRS is allowing some states like Texas and Oklahoma a two month extension to June 15 to the disasterous storms in those areas. For most filers, though, the filing deadline is still April 15. Sorry, but keep checking the IRS website for more updates and do not forget you You can file an extension and we'll have more on that in just a minute. Question. Are stimulus payments taxed? No. If you receive stimulus payments in 2020, it is not counted as taxable income. Our unemployment benefits tax. Well, thanks to the latest stimulus plan if you gross less than $150,000 last year, you may qualify for a tax exemption of up to $10,200 on last year's unemployment benefits question, can I deduct work from home expenses Well, if you started working from home because of the pandemic, unfortunately no, but if you're self employed or an independent contractor, then yes and one option is to take the standard deduction of $5 per square foot for a space in your home that is used exclusively and regularly for work. The limit is 15 $100. Are there any special charitable tax deductions related to COVID? Yes, there is a new standard deduction where you can deduct up to $300 in donations to qualifying charities question, what is the best tax software? Okay. So see, that's reviewed all the major tax software and most do offer free and paid versions. For the best one with personal life support CNET chose TurboTax. the live version offers a tax expert who will review your return before sending it to the IRS. But if it's more important for you to use a software with refund insurance, consider Jackson Hewitt online. Its worryfree guarantee plan pays you back if you receive a reduced refund or end up owing more Then the software calculated. Well look, if your taxes are pretty straightforward, I think you can just file online without paying up for fancy software. Very good question here. I just bought a home. How does that change my tax filings? Alright, so as a homeowner, first of all, congrats, you may qualify for tax deductions including your mortgage interest and property taxes. Quick side bar, if you run your business from home and you, say, moved across state lines like I did in 2020, it may complicate things. So be sure to chat with a certified public accountant about your move and how it may impact your taxes. And lastly, help me, I'm overwhelmed. I get it. Do not worry, you can file an extension right now, just to go irs.gov Fill out the form 4868 electronically, you'll then have until October 15 to send in your tax return, but very important to get the extension you need to estimate your tax liability on the form and if you owe any money, send it in. Then by April 15, so an extension may buy you time but it does not get you off the hook for paying your taxes by the April 15 deadline. For more of your burning tax questions answered, go to cnet.com slash personal dash finance and you can find me and still more great advice at next advisor.com

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