You may notice some changes when filing your taxes this year

YUMA, Ariz. (KYMA, KECY) - Tax filing season is here - and you may be wondering how the pandemic will affect your returns. Many people asking many more questions about their taxes this year since the government issued stimulus checks, PPP loans to businesses, and even unemployment benefits.

So how does all of this affect you?

Page Misenhimer, a certified personal accountant, has that answer.

“If you've got your stimulus payment, you have to enter that in the line, and if you didn't get your stimulus payments. You leave that blank and then that would trigger them that they've missed you,” Misenhimer said.

The number one question is regarding stimulus checks; are they taxed?

The answer is no, stimulus payments are not taxable, but you do need to account for the cash.

“There was a lot of rumors when it first came out, you know, Congress was trying to decide what to do, that maybe those are gonna be taxable but those are not taxable. So they don't report anyplace on income, you just get an extra. You're gonna get more money if you didn't get it," said the president of Misenhimer, Aivazian & Tennant PC.

What about the unemployment benefits?

These benefits are taxed and taxes were likely withheld at a lower rate than your regular paycheck. If too little was withheld, you may owe money when you file.

Misenhimer explains what business owners should look out for.

“There's a credit called employee retention credit if you had certain specifics related to your business. If you were shut down by the federal government or by the state government by order, kept your employees on and kept on working. You can apply for this employee retention credit, in addition, to have gotten PPP loans, and that was a change that they just did on December 28th so a lot of businesses and you have to do it on your payroll tax reports your 941, but a lot of businesses that already filed their 941s because they use a payroll service and the payroll services are done they fire them. And so they didn't claim their employee retention credit,” he said.

For small business owners who received a loan from the Payment Protection Program (PPP) and qualify for loan forgiveness, make sure the information you provided to get that relief matches what you're reporting.

If you made any charitable contributions this year make sure you get the most out of your deductions.

“If they made up to $300 in charitable contributions they can claim that on the federal return, which is an extra, extra deduction. In Arizona, you get 25% of all of your charitable donations. Even if you use the standard deduction,” Misenhimer added.

Despite the later than usual start date for filing season, you must file and pay any remaining federal income taxes you owe for 2020 by the traditional due date of April 15, unless you file for an extension.