Life Kit A First-Timer's Guide To Filing Taxes
Mar 16, 2021
In this chat, Kimberly Washington, a New Orleans-based CPA and financial expert, offers invaluable advice for first-time tax filers. She dives into the impact of pandemic-related changes on tax laws and clarifies if unemployment benefits and stimulus checks are taxed. Kimberly highlights essential documents needed for filing, explores free tax assistance options like the IRS Free File program, and shares tips for navigating tax deductions. With her expertise, listeners gain confidence in understanding their tax obligations and available resources.
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File Even If You Cannot Pay
- File taxes even if you cannot pay the full amount.
- Penalties are based on the amount owed, and failing to file incurs additional penalties.
Filing Extensions and Payments
- File an extension if you cannot file by April 15 to avoid failure-to-file penalties.
- Pay what you can by the deadline to reduce potential failure-to-pay penalties.
Importance of Filing Status
- Filing status affects tax brackets, rates, and eligible credits.
- It's crucial to choose the correct status among single, married filing jointly, head of household, etc.