As most of you know by now, the tax filing deadline has been extended to May 17, 2021.
If you have already filed your 2020 tax return:
- Please be patient, due to Covid the IRS is running a bit behind on processing refunds and payments.
- You can check that status of your refund at: irs.gov/refunds
- If you received unemployment in 2020 and filed early, before the IRS instituted the change making a portion of your unemployment taxable, the IRS is expected to process your additional refund sometime over the summer.
If you have not yet filed your 2020 tax return:
- Include the amounts of any stimulus payments you received with the rest of your tax information. Do not worry, the stimulus payments are not taxable. However I need to reconcile what you received against what you are actually due as determined by your 2020 tax filing. If you were underpaid the IRS will add the amount you are owed to your 2020 tax refund (or deduct it from your balance due), If you were overpaid you get to keep it, tax free!
- Remember to forward to me all documents marked “important tax document”. The IRs gets a copy of these documents and will match them against your filing to make sure it is complete.
- If you are due a refund consider giving me your banking information. The fastest way to get your money is to provide the IRS with the information needed to electronically deposit it.
- Make sure I have full information when it comes to your dependents. Name, address, social security number, and date of birth. In many cases I will need documentation, such as a birth certificate or social security card to prove that the child is qualified for tax credits and other tax provisions that may benefit you.
- What are you waiting for? The extended deadline is fast approaching and there is no talk of a further extension. Get your tax information to me today!
I will be in NJ on April 28th and April 29th. If you want or need to see me let me know so I can adjust my schedule.
Please do not hesitate to contact me with any tax or accounting questions. Remember, “I make life less taxing”.
Thank you and regards,
Leigh J Kremer, CPA
I help clients reduce taxes, increase profitability, meet reporting requirements and save valuable time. Contact me to find out how!