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Tax Season: What you need to know

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SIOUX CITY (KTIV) - "It'll be crazy the number of returns will get filed that first day, it'll just be unbelievable," said Bob Scott, Owner of R.E. Scott Company.

Tax season can be confusing. And this year especially, because of the pandemic.

One thing to keep in mind is making note of any deductions you may have.

"Make sure you have contributions this year because you don't have to itemize to get like $300 worth of itemized deduction," said Scott. "So, you want to make sure if you had any charitable deductions you bring them in because you'll be able to use them no matter whether you itemize or not you'll be able to use part of them I should say."

And while the IRS is opening its online portal later than usual this year-- on February 12-- Jeana Goosmann, CEO of Goosmann Law Firm, said you can prepare your taxes ahead of time.

"They won't actually be able to submit it to the IRS until February 12. Now there will be some tax providers that would probably issue your refund to you early, but they're going to charge you a fee for that so for most people they're not going to be able to get their refund until after February 12," said Goosmann.

For those who are filing their taxes for the first time…

"Just get it done go forth and don't procrastinate on it because the sooner you get it done the less you'll have to worry about it," said Goosmann.

When it comes to those federal stimulus checks, in general, they won't be taxed. But, you must know exactly how much you received in each round.

"It is terribly important that they know how much they got on both of those stimulus (checks) because without filling in that particular form on the return, you cannot e-file that tax return this year," said Scott. "It has to be on there. So, I would caution people to go back and figure out what they got, hopefully, they put it in the bank and they can figure it out, but they need to know exactly what they got."

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Emily Schrad

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