KNOX COUNTY, Tenn. — If you've been holding off on filing your taxes, this is your reminder that you have until midnight on Monday, May 17 to get them done!
Between stimulus checks and a work-from-home surge during the pandemic, we know filing taxes might be extra confusing this time around. Here's what you need to know.
1. At the federal level, your stimulus check is tax-free. If you claimed unemployment, the first $10,200 are also tax-free.
2. According to the IRS, the child tax credit is now $3,000 for kids 6 and up. For children who are younger, that's at $3,600.
3. If you owe money, you can work out a payment plan with the IRS.
4. If you make less than $72,000 a year, the IRS will help you file for free!
5. If you need more time, it's OK to file an extension. That will move the deadline to file your tax return to October 15.
Remember, you will still have to pay any remaining federal taxes owed on your 2020 income by Monday.