The holiday season is here, which happens to be the best time of the year for me. I love all of the lights and decorations, along with the love and warmth of spending time with family and friends. This year will be quite different due to the pandemic but we should do our best to enjoy it and cherish every precious moment.
One thing I know is that time keeps moving on so we have to keep up. As the calendar year winds down, it’s also a great time to make preparation for the upcoming 2021 tax filing season. Whether you are filing an individual tax return or a business return, it is very important to get your tax records in order.
Last Saturday, I had the pleasure of sharing some tips during our Coffee & Conversation session, hosted by the Monroe College Alumni Association. I shared some of the basics for both individuals as well as small business owners.
Click on the link below to view the replay.
Here are a few additional tips to get you ready:
- Gather your tax records – Make sure you wait for all W-2’s, 1099, 1098, etc.
- Virtual Currency – If you traded in bitcoins, gather your documents.
- Economic Impact Payment-Gather your Notice 1444 and add to your tax records.
- Unemployment Income-Keep in mind that this is taxable income.
- Estimated tax payments – If you operate a business and expect to owe more than $1,000 in taxes, you should be making estimated quarterly tax payments.
For additional tips and helpful resources to help you prepare for tax season, please visit the IRS’s website: https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes
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Income Tax preparation service will be offered so schedule your appointment early!
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