Tax season 2021 Archives - JT Tax Services

Remember: Tax Season Is Almost Here!

February 3, 2021

Tax season begins Friday, February 12! This means that starting from that date, the IRS will accept and process 2020 tax returns. Here are some tips you should keep in mind to ensure that your tax filing experience is smooth, agile, and stress-free.

General Tips

The IRS recommends that all taxpayers consider these tips as they prepare their tax return:

Combining electronic filing with direct deposit ensures that you get your refund as soon as possible.
Don’t count on receiving your refund by a specific date, especially if you plan to use that money to pay bills.
Remember that unemployment compensation is taxable

The Documents You Should Gather

This is the right time to get your tax records in order, so make sure to have all the documents that apply among the following:

Any receipts, canceled checks, and other documents that support an item on your return.
Forms W-2, Wage and Tax Statement
Form 1099-MISC, Miscellaneous Income
Form 1099-INT, Interest Income
Form 1099-NEC, Nonemployee Compensation
Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
Form 1095-A, Health Insurance Marketplace Statements

Other Important Tax Dates to Keep in Mind

In addition to February 12, other important dates that taxpayers should keep in mind during 2021 include:

Thursday, April 15. Due date for filing 2020 tax returns or requesting extension of time to file.
Thursday, April 15. Due date for paying 2020 tax owed to avoid owing interest and penalties.
Friday, October 15. Due date to file for those requesting an extension on their 2020 tax returns.

More Tips About Taxes

Interested in learning more about taxes? Then you’ve come to the right place! Here are some previous posts you may find interesting.

Contact the Experts at JT Tax Services

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

How to Make Tax Filing Easier This 2021

By: UNIKO Media Group

January 14, 2021

With the holidays already behind us, this is the right time to start preparing for the upcoming tax season. Here are six tips to help you make tax filing easier this 2021.

1.- Get Your Form W-2. This form shows the amount of taxes withheld from your paycheck throughout the year and is essential to file your tax return. It’s worth keeping in mind that employers have until Monday, February 1, 2021, to file Forms W-2 and send their copies to their employees.

2.- Gather Forms 1099. You should receive these forms if you received payments as an independent contractor last year. Just like Form W-2, companies should send these forms by February 1, 2021.

3.- Verify Your Individual Tax Identification Number (ITIN) to make sure it’s still valid. Any ITIN NOT used on a federal tax return at least once in the last three years expired on December 31, 2020. Additionally, all ITINs issued before 2013 with middle digits of 88 (For example 9XX-88-XXXX) expired at the end of 2020. Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98, or 99, that were assigned before 2013 and have not already been renewed, expired as well.

4.- Make sure you’ve withheld enough tax. You can do this by using the Tax Withholding Estimator on the IRS website. Take a look and determine whether you should adjust your withholding and submit a new Form W-4 to your employer.

5.- Did you receive an Economic Impact Payment? remember to keep your Notice 1444. The IRS mailed notice 1444 to the last known address of every person who received an Economic Impact Payment. This letter includes information about the amount of your payment, how it was made, and how to report any payment you didn’t receive.

6.- Did you change your address? You have to notify the IRS. You should notify the IRS about any address change using Form 8811 del IRS. If you change your name, remember that you must notify the Social Security Administration (SSA).

More Tips About Taxes

Interested in learning more tax tips to simplify things this tax season? Here are some previous posts you may find interesting.

Contact the Experts at JT Tax Services

At JT Tax Services we have the experience, the knowledge, and the drive to assist you in the preparation of your taxes. We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.