How To Get The Most Covid Financial Relief When Filing Your Taxes This Year
No one likes doing their taxes.
But there is very good reason for everyone to file a federal tax return this year, even if your 2020 income was so low that the IRS doesn’t require you to file.
You could get back more money than you think, or at least lower your tax bill. A number of Covid relief provisions may be claimed in full only through your tax return. Some tax credit rules have become more advantageous as a result of the pandemic. And you may find yourself eligible for some tax breaks for the first time due to Covid.
The IRS will start accepting returns on February 12, and the filing deadline is April 15, unless you apply for an automatic extension.
But by filing on time you will avoid being charged a penalty for filing late and potentially a penalty for failure to pay if you still owe any taxes to the IRS.
-CNN BUSINESS