How to make tax filing easier in 2021

By
Education & Training with Tax Relief Central

Gather your tax records. It helps to discover any missed deductions or credits.

Include in your tax records:

  • Forms W-2 from employers
  • Forms 1099 from banks and other payers
  • Other income documents and records of virtual currency transactions.
  •  Notice 1444 Your Economic Tax Payment with your tax records, if you received an  Economic Impact Payment.

Remember, most income is taxable. This includes:

  • unemployment income,
  • refund interest,
  • income from the gig economy, and
  • virtual currencies.

Ensure your Individual Tax Identification Number (ITIN) hasn’t  expired before you file a tax return in 2021. If you need to file a tax return in 2020, IRS recommends you submit a Form W-7, Application for IRS Individual Taxpayer Identification Number to renew your ITIN.

Make sure the right amount of tax has been withheld from your paycheck.

Consider estimate tax payments. If you receive a substantial amount of non-wage income like self-employment income, investment income, taxable Social Security benefits and in some instances, pension and annuity income you should make quarterly estimated tax payments, with the last payment for 2020 due on Jan. 15, 2021. 

Give us a call at 602-904-6535 if you or anyone you know needs assistance with filing their tax returns. You can also email me at vanim@getmytaxrelief.com

 

Comments (3)

CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Vani Murthy, CPA Thank you for sharing.  This is great information for tax payers!

Jan 05, 2021 09:06 AM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I can not believe it is THAT time of year again.  Thank you for the tips!

Jan 05, 2021 10:04 AM
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale

Good tips for us all.  I thought the economic impact stimulus checks were not taxable income for 2020?

Jan 31, 2021 03:04 AM