Here’s the answer to your tax filing questions.

DALENCIA. THANK YOU. WELL, TIME ONCE AGAIN TO ANSWER SOME OF YOUR TAX QUESTIONS BEFORE YOU FILE. AND JOINING US THIS MORNING IS TONY KING FROM KING, KING AND ASSOCIATES. AND YOU JUST TOLD ME A REALLY COOL FACT THAT YOUR DAD IS RECOGNIZED AS ONE OF THE AS THE FIRST CPA IN MARYLAND, THE FIRST AFRICAN AMERICAN AFRICAN AMERICAN CEO, A CPA IN MARYLAND. SO THAT’S THE FIRM HAS HAS SOME DEEP, DEEP, DEEP HISTORY WITH THE LAST SIX DECADES. WELL, LOOK, THE CPA STUFF RUNS DEEP IN YOUR BLOOD. SO YOU ARE THE ONE ANSWER THESE QUESTIONS FOR US. GUESS WHAT? WHAT TAX DEADLINE IS LESS THAN A MONTH AWAY. WE’RE NOT READY FOR THAT. LESS THAN A MONTH AWAY. SO THE SUGGESTION FOR THE PROCRASTINATORS FILE THE EXTENSION AN OKAY FORM 4868 OKAY, IT EXTENDS THE TIME TO OCTOBER 15TH. OKAY. BUT KEEP IN MIND THE EXTENSION IS ONLY AN EXTENSION OF TIME TO FILE. IT DOES NOT EXTEND THE TIME TO PAY. SO IF YOU KNOW YOU NORMALLY OWE ON APRIL 15TH, YOU NEED TO PAY THAT PAY SOME SOME AMOUNT OF THAT ON APRIL 15TH TO AVOID THE PENALTIES. OKAY. SO YOU, YOU GET AN EXTENDED TIME TO FILE BUT NOT TO PAY. THAT’S GOOD ADVICE. AND THE IMPORTANCE ABOUT THE EXTENSION IS, IS THAT THE FAILURE TO FILE PENALTY IS TEN TIMES HIGHER THAN THE FAILURE TO PAY PENALTY. SO IF YOU DON’T FILE THAT EXTENSION ON APRIL 15TH AND THEN YOU FILE IT, YOU KNOW, THREE DAYS LATER OR SIX MONTHS LATER, THAT PENALTY FOR NOT FILING THAT EXTENSION IS HIGHER THAN FOR NOT PAYING THAT MONEY. OH MY GOODNESS. WELL NOW DON’T DON’T PANIC THOUGH OKAY. BECAUSE YOU ALSO NEED TO CONSIDER THE THE INCOME LIMITS FOR FILING. WELL THAT’S WHAT I WAS GOING TO ASK YOU. WHAT IS THIS THE INCOME FILING LIMIT FOR THIS YEAR. OKAY. UH, FOR SINGLE AND MARRIED FILING SEPARATELY, IT’S 18,000. 13,008 50. OKAY. IF YOU’RE MARRIED, FILING JOINTLY, IT’S 27,700. AND IF YOU’RE HEAD OF HOUSEHOLD, IT’S 20,800. SO THINK OF THOSE NUMBERS AS YOUR MINIMUM INCOME LEVELS. SO ANYTHING ABOVE THAT YOU HAVE TO FILE BUT THAT BECAUSE THOSE ARE STANDARD DEDUCTIONS, THOSE ARE THE AMOUNTS THAT THE IRS AUTOMATICALLY ALLOWS YOU NO MATTER WHAT NOW. SO I KNOW WHEN IT COMES TO A LOT OF THE APPS LIKE CASH APP, VENMO, THERE’S BEEN A LOT OF DISCUSSION AROUND, UH, HAVING TO FILE MONEY MADE THROUGH THOSE DIFFERENT APPS. SO WHAT IS THE RECOMMENDATION? YEAH, THAT’S THAT’S SOMETHING THAT THE, THE GIG WORKERS IN OUR ECONOMY NEED TO WATCH OUT FOR. UM, YOU SELL SOMETHING ON FACEBOOK MARKETPLACE. UM, YOU GET PAID THROUGH ONE OF THOSE CASH PAYMENT SYSTEMS. THE THIRD PARTY PROCESSOR IS THE PEOPLE WHO PROCESS YOUR CREDIT CARD OR YOUR SWIPE AT THIS, THAT AND THE OTHER. THEY’RE GOING TO SEND YOU A FORM 1099 Ok. SO JUST BE CAREFUL TO MAKE SURE THAT WHEN THAT 1099 Ok COMES IN, YOU’RE ONLY GOING TO REPORT YOU’RE ONLY INTERESTED IN REPORTING YOUR BUSINESS TRANSACTIONS. SUPPOSE I SEND YOU $500 AS A BIRTHDAY GIFT RIGHT. AND I DO USE CASH APP. PLEASE DO YOU MAY GET A 1099 Ok FOR $500, BUT IT’S NOT IT’S NOT RELATED TO YOUR BUSINESS. CORRECT. SO THE THE THE THE INTERESTING THING IS FOR THE GIG ECONOMY WORKERS, RIGHT, TO MAKE SURE THAT THOSE 1099 Ok’S ARE FOR BUSINESS PURPOSES ONLY AND CAN, UH, CAN YOU STILL CONTRIBUTE TO YOUR IRA? IS IT TOO LATE. YES. NO, IT’S NOT TOO LATE. NO. YOU HAVE UNTIL APRIL 15TH. AND IF YOU ARE A AN EMPLOYER WITH A LIKE, LET’S SAY A SEP IRA, UM, THAT, THAT IS DUE, YOU CAN MAKE A CONTRIBUTION UP UNTIL THE TIME THE TAX RETURN IS DUE, WHICH COULD BE SEPTEMBER 15TH. ALL RIGHT. WELL, THANK YOU SO MUCH FOR COMING IN AND ANSWERING OUR QUESTIONS THIS MORNING. AGAIN GUYS, REALLY IMPORTANT. WE ARE ABOUT A MONTH AWAY FOR THE TAX FILING DEADLINE. IF YOU’RE NOT GOING TO MAKE IT IN TIME, DO TH