Well here we are again!
We are about a 2 weeks into the Tax Filing Season and I have been sort of waiting to post till I felt I had a really good handle on things. This year started out with the IRS delaying accepting returns until February 12th. The Cares Act has given us a few more deductions and credit options than we have had in prior years. So far this season sort of reminds me of an old joke about the guy who jumped off the 10 story building and about half way down someone asked him how it was going and he said so far so good lol
This year make sure you know how much you received on both stimulus payments it has to be reconciled and if you didn’t get what you were entitled to you may get it on this years return as a refundable credit. Also those cash contributions to charities that we quit keeping track of because you couldn’t use them can be worth a $300 above the line deduction on top of your standard deduction for this year. If you made a lot less money this year you may be able to use last years earned income to increase this years EIC. If your using the same Preparer as last year the software will do the work but if you changed Tax Companies or are doing it yourself you need to be aware of this.
Covid is still out there so things are having to be done a little different. Top priority is to keep everyone safe and get these taxes taken care of for you. Looking forward to a good season & looking forward to talking with all my clients between now and April 15th. God Bless & Stay healthy
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