Interview: 2020 tax filing tips from financial analyst

IN FOR THE WARMER TEMPERATURESEXPECTED BY THE AFTERNOON ANDWHEN THAT RAIN IS SUPPOSED TOCOME ONCE AGAIN YOU PROBABLYNEVER WANT TO THINK ABOUT 2020AGAIN THAT THERE IS ONELINGERING SAYING FROM LASTYEAR THAT YOU NEED TO GET RIDOF BEFORE YOU CAN TRULY MOVEON FOR GOOD AND THAT'S YOUR2020 TAXES, FOX 40 FINANCIALANALYST KIMBERLY FOSS JOINS USLIVE FROM ROSEVILLE WITH MOREON HOW TO PREPARE FOR TAXSEASON, KIMBERLY GOOD MORNING.HEY GOOD MORNING MAY GOOD TOSEE YOU GOOD TO SEE YOU ASWELL LET'S GO RIGHT OFF THEBAT, ONE OF THINGS WE NEED TOKNOW FOR 2021 IN ORDER TO DOOUR TAXES.

WELL FIRST KNOWSTAXES ARE DUE ON 4/15/2021,WHICH IS A THURSDAY AND IF YOUDON'T THEN YOU MUST FILEEXTENSION SO THAT IS THE ONETHING YOU NEED TO KNOW.TAX STANDARD DEDUCTIONSGONE APP SO IF YOU'RE SINGLEIT'S TIED TO ITS 12,000 400AND IF YOU'RE MARRIED COUPLEIS 24,800.

SO THAT'S A GOODTHING.

BUT THERE'S 2 THINGSTHAT ARE REALLY MAGIC WORDS INTAXES MAY AND THAT DEDUCTIONSAND CREDITS DEDUCTION ACTUALLYLOWERS THE AMOUNT OF TAX YOUDEATH.

YOU'RE GOING TO BESUBJECT ARREST AND A CREDIT ISTHE CREDIT OR BETTER THANDEDUCTIONS BUT THEY'RE ALLGOOD OKAY WELL, LET'S STARTWITH THE DEDUCTIONS, LET'S GOTO THE MEDICAL DEDUCTIONSFIRST BECAUSE.SOME PEOPLE MAY HAVE GOTTENSICK LAST YEAR IT THINKINGABOUT THEIR COVID-19 ATMEDICAL BILL AND EXPENSESWHAT'S NEW IN MEDICALDEDUCTIONS YES, SO IT HAS GONEUP THAT BACKUPS TO 7.5% SO INOTHER WORDS IF YOU'RE A G I400 THAT HAVE $1000 AND YOUHAVE $8,000 IN MEDICALEXPENSES YOU CAN WRITE THATOFF YOU HAVE TO ITEMIZE SOTHIS IS NOT THE STANDARD INHALF PERCENT OF YOUR ADJUSTEDGROSS INCOME.BUT THAT IS DOUBLE IF YOUITEMIZE OK LOT OF BUSINESSESSUFFERED LAST YEAR.BECAUSE OF COVID-19SHUTTING THEM DOWN.

WHAT ARESOME OF THE NEW DEDUCTIONSTHAT BUSINESSES CAN TAKE APART OF FOR 2020.

SO HERE'S AGREAT THING YOU KNOW IF YOU'REUS IF YOU'RE A SOLE PROPRIETORYOU'RE OWNER OCCUPIED BUSINESSYOU CAN WRITE OUT JUST ABOATLOAD OF DEDUCTIONSEVERYTHING FROM TRAVEL TO.EMPLOYEE EXPENSE TO YOUKNOW I SECTION ONE 79 EXPENSE.HOW YOUR HOME YOUR HOME OFFICEEXPENSE TO HOWEVER IF YOU'RELIKE MILLIONS OF PEOPLE WHODID WORK FROM HOME THIS LASTYEAR BUT EMPLOYED WITH THATCORPORATION.

UNFORTUNATELY YOUCANNOT WRITE THAT OFF THATSORRY JUST FOR A SELF EMPLOYEDPEOPLE ALL RIGHT.LET'S GO TO THE STIMULUSCHECKS TO LET PEOPLE HAVETHEIR STIMULUS CHECKS HAVEQUESTIONS ON HOW THIS WILLAFFECT THEIR TAXES.

YEAH, THISIS IMPORTANT THE STIMULUSMONEY THAT YOU RECEIVED LASTYEAR THIS IS A GREAT THING NOTTAXABLE SO DON'T WORRY ABOUTIT ANY SOUCE THAT YOU GOT LASTYEAR IS NOT TAXABLE.PPP THOUGH FOR THEBUSINESSES WE DID RECEIVE THATAS LONG AS YOU USE IT FOR RENTOR EMPLOYEES OR UTILITIES THATKIND OF THING THAT IS ALSOGOING TO BE FORGIVEN SO ANDAPPLICATION FOR FORGIVENESSHAS BEEN SIMPLIFIED WHICH IS AGREAT THING.

AND FINALLYTHOUGH I'M EMPLOYMENT THAT'S ALOT OF PEOPLE GOT UNEMPLOYMENTNOW A LOT OF MONEY FOREMPLOYMENT PEOPLE THAN PLANNEDFOR THAT THAT IS COMPLETELYTAX FOR FOLKS NOT YOU HAVE TOPAY TAXES ON UNEMPLOYMENT.THAT IS REALLY GOOD TO KNOWTHAT COULD CREEP UP ON YOURIGHT KIMBERLY FOSS THANKS SOMUCH AS ALWAYS SO MUCH.FOR HELPING US FILL OUT OURTAXES ONE AGAIN THIS YEAR WILLBE DIFFERENT AND YOU CANCONTACT KIMBERLY JUST SEND ANE-MAIL TO HER AT KIMBERLY FOSSDOT COM.

I CALL KIMBERLY ATLEAST ONCE A MONTH.

WHAT DO I