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Life Kit

A First-Timer's Guide To Filing Taxes

Life Kit

NPR

Education, Business, Self-improvement, Kids & Family, Health & Fitness

4.54.9K Ratings

🗓️ 16 March 2021

⏱️ 21 minutes

🧾️ Download transcript

Summary

Is unemployment taxed? What about stimulus checks? The pandemic has changed a lot when it comes to filing taxes. In this episode, we break down the filing process and tackle common COVID-19-related tax questions with a CPA.

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Transcript

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0:00.0

I had zapped since this episode first published the IRS has delayed the 2020 tax filing deadline to May 17th due to COVID-19

0:12.3

This is NPR's life kit. I'm Sarah Gonzalez and in this episode we're attacking taxes

0:18.0

Are you ever surprised that we don't get taught this like in high school when we turn 18?

0:23.4

I

0:24.4

Remember being 18 like what am I supposed to do with this information?

0:31.4

You know what I like that question so much because many people as you stated they're not familiar with the tax hold

0:38.4

They don't understand what's going on and so it's the norm that many people do not understand taxation

0:44.4

That's Kimberly Washington a New Orleans BCPA and financial expert. I actually learned about taxes in the county

0:50.4

By working for my dad who owned his own business, so I'm probably wanting a million person who actually was exposed to this type of information

0:58.4

And Kimberly tax expert wants to help us get through the tax season for first piece of advice for us

1:04.4

I would just say one thing organize

1:07.4

Organization is key so start getting all your documents together

1:10.4

But even if you've got the whole tax filing thing down this year is still going to be a little different

1:16.4

So Kimberly is going to break down the basics for us, but we're also going to talk about how filing your taxes for 2020

1:23.4

Will be different because of the coronavirus

1:25.4

Like can you get a tax break for that home office you had to set up how to handle taxes if you received unemployment checks last year

1:33.4

What Biden stimulus plan will mean for your taxes and how you can maybe still get a stimulus check retroactively

1:54.4

Okay, before we get into it with Kimberly, let's define some terms

1:57.4

You might already know this, but if it's your first time filing taxes, let's just make sure we're all on the same page

2:02.4

You're going to hear us talk about a W2, that's just a tax form that your employer sends you at the beginning of each calendar year

2:09.4

Your W2 tells you the amount of taxes withheld from your paycheck and you'll use this form to file your federal and state taxes

2:16.4

When we talk about deductions, think of them as tax breaks

...

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