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Tag: 2020 taxes

Posts Tagged ‘2020 taxes’

Is your 2020 tax refund still processing with the IRS?

Posted by Manisha Hansraj on June 10, 2021
Last modified: June 10, 2021
tax refund delay 2021

Like many taxpayers, your tax refund may be delayed.

The COVID-19 pandemic hit the world by storm. From stimulus payments, tax changes and extending the tax deadline, your refund may be taking longer than expected.

If you noticed that your tax refund is stuck on the “processing” status when checking the IRS Where’s My Refund Tool, you may need to allow some more time for the IRS to disburse your refund. Instead of taxpayers receiving their tax refund within two to three weeks, taxpayers are waiting from six to eight weeks to get their refund.

Here’s why your refund may still be delayed with the IRS.

Recovery Rebate Credit

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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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What is Form 1099-NEC?

Posted by Manisha Hansraj on January 11, 2021
Last modified: January 13, 2021
Form 1099-NEC

For the 2020 tax year, there’s a new income statement.

The IRS has introduced a new form called Form 1099-NEC. Whether you’re well versed in reporting your taxes or not, this may be confusing.

Typically, your self employment income is reported on box 7 of your 1099-MISC statement. For the 2020 tax year it is now reported on a 1099-NEC. The IRS has done this to separate filing deadlines.

Why would you receive Form 1099-NEC?

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How Your Taxes Will Change in 2020

Posted by Manisha Hansraj on September 11, 2019
Last modified: January 27, 2020

2020 tax season

It’s almost time for another tax season!

Believe it or not, the 2020 tax season begins January 27, 2020. The worst feeling is scrambling last-minute to find your tax documents. Why not put your mind at ease by going over information you need to know to file your 2019 taxes?

Here are the tax changes you need to be prepared for next year.

2019 Tax Brackets

You might wonder what tax bracket you’re in. The IRS announced the slightly higher brackets below: (more…)