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2020 Taxes: What You Need To Know Before Filing

Due to Covid-19 and many other things, a lot has changed for the 2020 tax season, and now more than ever it’s important to start thinking about your tax situation while you still have time on your side. As the pandemic still plays a significant role in our economy, the government’s push to get stimulus payments out quickly has resulted in the delay of the 2020 federal tax filing season. While tax filing season usually starts in January, the IRS stated that it would now only begin accepting federal tax returns on February 12th, 2021.

By pushing back the date for tax filings, the IRS will have more time to implement programming and testing following the December 27th tax law changes that helped to provide the second round of stimulus payments and benefits to the American people.

Tips for filing taxes

  • File your taxes electronically and set up direct deposit for the quickest turnaround on refunds.
  • Be sure to check the latest tax information, for updates and important information. 
  • If you’re eligible for stimulus payments, carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file.
  • If you didn’t receive a payment or only received a partial payment you may be eligible to claim the Recovery Rebate Credit when filing your 2020 tax return. Hylen can help you figure out the amount you may claim.
  • Remember, stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.

Important Filing Dates
 

  • January 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use the prior-year income to qualify.
  • February 12. IRS begins 2020 tax season. Individual tax returns begin being accepted and processing begins.
  • February 22. Projected date for the IRS.gov “Where’s My Refund” tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.
  • The first week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.
  • April 15. Deadline for filing 2020 tax returns.

Hylen offers services for individual taxes, corporate taxes, and consulting services to help you file your taxes correctly this year. We know how important it is to get your taxes filed properly, be sure to reach out to one of our consultants about filing your taxes and stay up to date on the important tax information.

Our team of professionals can help provide you with some guidance and lead you towards the best solutions for you and your business.

 

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