What You Should Know About Filing Your 2020 Taxes
NEW YORK (CBSNewYork) -- If you haven't filed your taxes yet, there are some changes you should be aware of.
Procrastinators who have waited to fill out those IRS forms should wait no longer.
Mark Steber from Jackson Hewitt says that's because many people may be owed more stimulus money.
"If you did not get all of your money for a dependent or because the rules changed or perhaps you share custody or perhaps you had a new baby ... those would not have already been paid to you, you will have to ask for that money on your 2020 tax return," he said.
People who lost jobs last year should know unemployment benefits are taxable, but most Americans will get a break on some of that money.
"The first $10,200 of unemployment benefits that you received in 2020 is not going to be taxable at the federal level. That's for folks who make up to $150,000," said CBS News Business Analyst Jill Schlesinger.
Millions with jobs were forced to leave the office and work remotely. Claiming home office expenses, however, is mostly reserved for people who own their own business.
"If you're working at home out of an abundance of caution or for the convenience of your employer or just because your office is closed, you do not qualify for the home office deduction," Steber said.
The pandemic has slowed the government's ability to process claims. The fastest way to get a refund is to file electronically.
The IRS now offers free e-filing software to people making less than $72,000 a year.
For those who have filed, you can check the status of your tax refund at irs.gov.
