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2020 Tax Filing

The IRS has stated that they will begin accepting and processing e-filed 2020 Income Tax Returns on February 12, 2021. Here are some tips for 2020:

* The stimulus money you received is not included in taxable income, but your tax preparer will need to know how much (and when) you received it as you may be eligible for additional Economic Impact Payments based on your income.

* Providing a copy of your (and your spouse's) Drivers License or ID will add a layer of identity security to your filing.

*Individuals that do not Itemized now can take up to a $300 charitable contribution deduction on their 1040 return, reducing Adjusted Gross Income

*If you are required to file 1099 returns this year for non-employee compensation, that will be done on form 1099-NEC for 2020. These forms are due by 2/1/21

*The Earned Income Credit (EIC) for 2020 is a maximum of $6,660 (up $103 from 2019) for taxpayers who have three or more qualifying childern

* The Residential Energy Credit has been extended to 12/31/2020 so make sure you give your tax preparer all energy-efficient property you purchased in 2020.Qualified residential energy property is any of the following.

  • Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heaters; and stoves that use biomass fuel.

  • Qualified natural gas, propane, or oil furnaces and qualified natural gas, propane, or oil hot water boilers.

  • Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces.

Stay tuned for more tax filing tips!

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