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Local expert gives tips on filing your taxes this year

A 2020 IRS 1040 Tax Return Form
A 2020 IRS 1040 Tax Return Form(Terri Russell)
Published: Feb. 16, 2021 at 5:07 PM CST
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CHEYENNE, Wyo. (Wyoming News Now) - Whether you’re receiving emails about it, seeing advertisements or even commercials on your TV, it’s no secret that tax season is here.

“Taxes are so different this year and they’ve gotten so much more complicated,” said USA Tax Senior Tax Professional, Julie Gliem.

Gliem said there were a lot of people on unemployment last year and it’s important to remember that unemployment is a taxable income. This means that it does not qualify you for earned income credit. Gliem said this year the Internal Revenue Service is allowing people to use their 2019 or 2020 tax refund to calculate your earned income credit. She said what’s also new is that on the 1040 form, you can take a small deduction for charity without itemizing it.

When it comes to the people with normal tax returns who have already filed, Gliem said you should be expecting your return between Feb. 20-28. For people with Protecting Americans from Tax Hikes (PATH) credits like Child Tax Credit, Earned Income Credit or American Opportunity Credit, you shouldn’t expect your refund to come until at least the beginning of March.

Gliem said because Congress is working on a third stimulus check, she suggests that people have direct deposit setup so they can get their money immediately. When it comes to the other stimulus checks, she said information about receiving the first two can be handled through your tax return as well. She also wants people filing their taxes to know that even if you received the first two stimulus checks, claiming that money will not affect how much money you get back on your return.

“The stimulus checks have to be reported but they are not taxable, we are only reporting them to make sure you got all your money.”

Gliem said they are seeing higher refunds this year as well and encourages everyone to file their taxes as soon as possible.

For more information on your taxes, you can give USA Tax a call at (307)-514-5888.

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