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Tag: 2020 tax return

Posts Tagged ‘2020 tax return’

Did You Miss the 2021 Tax Deadline?

Posted by Manisha Hansraj on May 24, 2021
Last modified: May 24, 2021
tax deadline 2021

The tax deadline has come and gone.

If you didn’t file a tax return as yet, we advise that you do it as soon as possible. If you missed the 2021 tax deadline, the good news is you can still file.

Here’s some helpful information before getting started.

Getting a refund?

If you’re due a refund from the IRS, you’re in luck. You are not subject to the tax deadline nor will you be penalized. Technically, you have three years to file from the original tax deadline to claim your refund as well. For example, you have until April 15, 2021 to claim your 2020 tax refund. However, in order to e-file your tax return, you must file by October 15, 2021.

Do you owe taxes?

In the case that you didn’t request a tax extension from the IRS, you must take action by filing and paying now. As a reminder, you must have paid your taxes by May 17 to avoid penalties; with an IRS extension or not.

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What’s New for the 2020 Tax Year?

Posted by Manisha Hansraj on January 15, 2021
Last modified: January 18, 2021
2020 tax year

Here’s the breakdown of all the changes.

Standard deduction

For the 2020 tax year, the standard deduction amounts have increased. Here are the amounts below.

  • Single or Married filing separately – $12,400
  • Married filing jointly and Qualifying widow(er) – $24,800
  • Head of Household – $18,650

For taxpayers who are blind or at least 65 years old, they can claim an additional standard deduction. The standard deduction is $1,300 and $1,650 for the single or head of household filing status.

Taxpayers who are both blind and of eligible age receive a doubled additional standard deduction.

Recovery Rebate Credit (Stimulus Payment)

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How to Fill Out the 2021 W-4 Form

Posted by Manisha Hansraj on October 29, 2020
Last modified: October 29, 2020
2021 w-4 form

The W-4 form has been revamped by the IRS.

The IRS’ goal is to simplify the W-4 form to reflect a transparent withholding system. The 2021 W-4 form is still in it’s draft stages, but will most likely reflect the 2020 W-4.

Although the 2020 and 2021 W-4 forms appear different from previous forms, we’re here to break down the changes for you.

Say good-bye to allowances

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Prepare for Tax Year 2020

Posted by Manisha Hansraj on September 11, 2020
Last modified: September 11, 2020
2020 tax bracket

The IRS already announced the inflation adjustments for next year.

Although the e-file and extension deadline is in a month, the year is almost gone. 2020 has been more than a roller coaster ride, and the next tax season is only a few months away.

Many taxpayers may wonder how their stimulus payments affect your 2020 taxes, if they’re in the same tax bracket, and changes for the 2021 tax season. Keep on reading to find out.

How stimulus payments will affect your tax return

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