Local tax consultant talks pushed-back IRS deadline, work-from-home tax deductions

RAPID CITY, S.D. — The deadline to file your taxes is usually April 15.But due to changes from the Internal Revenue Service and the COVID pandemic, the deadline has been moved back to May 17.

That pushed-back deadline only applies to individual taxes.

Estimated payments for individual taxes, as well as business taxes, are still due today.

The IRS has pushed back the deadline to file your individual taxes in part due to the pandemic, but also due to Congress approving the third round of stimulus checks in the middle of tax season.

“With that, they made some changes that were retroactive to the 2020 tax year, and at that point, we had already been half way through the season, so they felt that it was important to push the date back out give people some extra time give the tax preparers extra time to get those taxes squared away,” said Zack Hockert, Tax Consultant at A2Z Business and Tax Services.

One of the big questions being asked this tax season is what tax deductions can be applied for those who have been working from home.

The short answer – none, unless you’re self-employed.

“In 2017 they did away with reimbursed employee expenses, which are expenses that you incur as a W2 employee, so those are no longer in play anymore. The only time you can take business deductions is if you own your own business you know you file a schedule C and other businesses like that,” Hockert says.

If you’re confused or uncertain about anything on your tax form ask a local tax professional.

“Anytime you question anything, don’t just try to do it on your own, just ask a tax professional because like I said, before you know we’ve probably done that a hundred times its an easy answer its an easy fix maybe and its worth the money,” Hockert added.

The new deadline to file your taxes is May 17, but tax professionals advise getting them filed as soon as possible so you get your refund sooner.

Categories: Local News, South Dakota News