Income Tax Deadlines Changed

The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Can I deduct any work-from-home expenses?

The Tax Cuts and Jobs Act suspended tax write-offs for home office deductions through 2025. Note that this could change next year if Congress opts to deliver more tax relief in future COVID-19 relief legislation. https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020

Income tax brackets

For the tax year 2020, the standard deduction is $12,400 for single filers (an increase of $200) and $24,800 for married couples filing jointly (an increase of $400). For heads of households, the standard deduction is $18,650 (an increase of $300). These increases are inflation adjustments. (Learn more.) https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020