2020 Tax Season Updates

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The 2020 tax season is coming! Here are some updates to help you prepare for filing this year.

Mark your calendars, February 12th, 2021 is when tax filing begins! The IRS announced this new date to allow for them to complete programming necessary to update their systems. Until February 12th, the IRS will not be able to accept or process paper or online 2020 tax returns. https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

What to Prepare in Advance

  • Last Years Tax Filing (Helpful to have on hand to reference your AGI)
  • Social Security Numbers for you and dependents
  • Wage documents – W2’s, 1099’s (1099-INT; 1099-G; 1099-DIV; 1099-R; 1099-A,1099-MISC) Wage and Tax Statements, Social Security Benefits, Miscellaneous Income and other Income Statements (i.e. Unemployment or Notice 1444 Economic Impact Payment, if received). For EIP information: https://www.irs.gov/coronavirus/economic-impact-payment-information-center
  • Expense documents applicable to you and your business
  • Receipts from real estate, rentals, royalties, partnerships
  • Cryptocurrency transactions

File Online with Direct Deposit When Possible to speed up the processing of your return

Did you know about IRS Free File? IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms  

Where’s My Refund Tool can be used to check on the status of your return, 24 hours after you efile https://www.irs.gov/refunds

For a listing of all IRS Online Tools: https://www.irs.gov/help/telephone-assistance

A little planning now pays off when it comes time to complete this and any task!

If you’d like to join me while I review my “trail of breadcrumbs” and prepare to update my trust, contact me via Email (Lynn@TheLivingPlanner.com). Plan to start after I complete my taxes!!

It’s important we know what we have, where we have it and make sure we’re set up for someone to help us when needed. To better days ahead. Stay well –Lynn

#NavigatingTheMovingPiecesInLife #LifeHacks #StepInStepUp
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