Have you yet to file your taxes? If that is the case, it is acceptable because you still have time to file. Additionally, I’m going to share some critical tax information with you that could save you hundreds, if not thousands, of dollars.
The American Rescue Plan Act entitles certain individuals to compensation for time lost due to COVID-19. Businesses and tax-exempt organisations with fewer than 500 employees that pay qualified sick leave or qualified family leave wages, as well as self-employed individuals, are covered by this tax change. That’s correct; you can receive compensation if you were unable to work due to COVID-19. I personally benefited from this by including it on my tax return.
Additional Good News That Will Save You Money
Speaking of the IRS, did you know that if you are an individual or family filing a tax return with an income of less than $73,000, you can also file your taxes for free? You can also file an extension here, regardless of your income for the year. The programme is titled IRS Free File. This year, the programme will feature eight distinct companies. Each programme has its own set of rules; for more information, please visit this IRS webpage.
Locate Free Tax Assistance
The IRS offers two complimentary programmes to assist you in filing your taxes. These programmes are known as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). To qualified individuals, these progames provide free basic tax return preparation. The IRS provides additional information about this programme here. If you prefer another option, most libraries offer free tax preparation. Simply visit this convenient resource that lists all of Ohio’s libraries.
Finally, even if you are not using these free programmes, you can file an extension to avoid paying a late fee. Bear in mind that you must also pay local and state taxes.