Nashville-Davidson, Tennessee 2021-02-23 07:45:29 –
Nashville, Tennessee (WTVF) —Millions of Americans have very different tax returns this year, and experts are urging people to prepare for a unique tax season.
These changes have a significant impact on the historic number of people who have lost their jobs or received unemployment benefits through a pandemic. Experts warn that the unemployment allowance is taxable income and that some people may be paying the IRS for the first time with a lower refund.
Experts said that’s why it’s important to be ready to file.
“Especially if you are self-employed. Many unemployed people are self-employed, so please put together all your income documents and expenses,” said Tamara Clay.
Clay is working with the Volunteer Income Tax Assistance Program (VITA). The organization provides free tax assistance to qualified people. She said resources are very important this year.
“For those who are unemployed, it’s the money in your pocket, for those who don’t have to rub from salary to salary, prepare for free taxes, and pay for the service,” Clay said. It was.
You can find more information in VITA program on their website..
Clay told me to pick up the return early, not later, so I need to submit it online early.
“Don’t wait, don’t wait,” she advised. “And the electronic filing will always give you a quicker refund than if you mail it. The IRS has millions of letters still waiting to open from 2019.”
Clay said her biggest advice was not to panic when she was ready to submit.
“Panic is not a word, but tenacity and patience. These are your two words,” she said.
Experts preparing for a tax season unlike any other Source link Experts preparing for a tax season unlike any other