Quiz: How much do you know about income tax?
You likely know what โincomeโ means, and of course youโre aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?
5 things you should know if youโre filing taxes for the first time
If you grew up watching your parents get stressed around tax season, then you're probably not looking forward to filing yourself for the first time.
![Taxes: Answers to top FAQs about Social Security income](https://res.cloudinary.com/graham-media-group/image/fetch/f_auto/q_auto/c_thumb,w_700/https://media.ksat.com/theme/images/placeholder-16x9-ksat.png?_a=ATABlcW0)
Taxes: Answers to top FAQs about Social Security income
Even for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.
This checklist will help ensure you have everything prepared for filing this tax season
Regardless of whether youโve paid someone for help or tried to do it on your own, even just gathering all the data you need for filing your federal income taxes can seem daunting.
![Filing a tax return? Hereโs what you need to know this year.](https://www.ksat.com/resizer/QYp69hwC5rcf6uOcZIxByBrXRkI=/1600x900/smart/filters:format(jpeg):strip_exif(true):strip_icc(true):no_upscale(true):quality(65)/d1vhqlrjc8h82r.cloudfront.net/01-19-2021/t_edd83499d92b46b0bfd09cc2f85803d1_name_image.jpg)
Filing a tax return? Hereโs what you need to know this year.
SAN ANTONIO โ Tax season is right around the corner, and youโll want to be prepared for some of the changes coming this year before you file. The IRS will use the time before tax season to test its systems due to some tax law changes last year. IRS Free File opened on Jan. 15, so youโre able to begin filing your return now if you have all the documents you need. The IRS says tax preparation software should help you determine what youโre due if you are eligible. RELATED STORIES:San Antonio tax services preparing for season amid pandemicDo you have to pay taxes on unemployment compensation?
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San Antonio tax services preparing for season amid pandemic
SAN ANTONIO โ Another tax season is upon us, but as with many other things, you can expect it to look different this year because of the pandemic. Another tax preparer, SnapBack Tax Services, told us they are getting their employees ready for the additional services they are having to add this year. When unemployed there are changes to what credits you get and donโt get like the child tax credit. โUnemployment is taxable income, but not earned income,โ Haywood said. Here are other notable 2020 tax changes to be aware of:
![For some, credit cards are a major part of tax season, survey finds](https://www.ksat.com/resizer/TaEurESSYd6rYoRR8tBzmAPUups=/1600x900/smart/filters:format(jpeg):strip_exif(true):strip_icc(true):no_upscale(true):quality(65)/arc-anglerfish-arc2-prod-gmg.s3.amazonaws.com/public/SJZPNVQDUVGGHCB5SN27EJFTKM.jpg)
For some, credit cards are a major part of tax season, survey finds
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.