Steps you can take now to make tax filing easier in 2021
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1. Gather your Tax Records
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2. Check your Individual Tax Identification Number ( ITIN)
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3. Make sure you've withheld enough tax
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What’s new and what to consider when you file in 2021
Recovery Rebate Credit
You didn’t receive an Economic Impact Payment, or Your Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018) plus $500 for each qualifying child you had in 2020. For additional information about the Economic Impact Payment, visit the Economic Impact Payment Information Center
Refund Interest Payments
If you received a federal tax refund, you may have been paid interest. Interest payments are taxable and must be reported on your 2020 federal income tax return. In January 2021, the IRS will send a Form 1099-INT to anyone who receives interest totaling at least $10.
Refund Timing
Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. For example, the IRS, along with its partners in the tax industry, continue to strengthen security reviews to help protect against identity theft and refund fraud. Additionally, refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can’t be issued before mid-February. The law requires the IRS to hold the entire refund − even the portion not associated with EITC or ACTC. This law change, which took effect in 2017, helps ensure that taxpayers receive the refund they're due by giving the IRS more time to detect and prevent fraud.
More information visit www.irs.gov
Have Questions? Please send questions to firstclassfins@gmail.com Subject Line: Question about Tax Service
