With tax season 2021 in full effect and the deadline to file for your tax return only a few weeks away, are you feeling prepared? Due to the ongoing pandemic, a lot has changed for this year’s tax season, this is why it’s important to start planning and preparing your documents so you have enough time to make any corrections if needed. Learn more about how to prepare for tax season 2021.
Tips for Tax Season 2021
1. Get Documents in Order
When working on your tax return it’s important to have your tax forms and documentation in order. Whether you’re filing your own tax return or receiving help from an accountant will make the process easier and more efficient to have these forms ready:
- Social Security or Tax ID number
- W-2 Forms
- Date of birth for you and dependents
- Unemployment Forms (1009-G)
2. Beware of Tax Due Dates
You must stay on top of tax due dates for tax season 2021 so you don’t miss filing deadlines and get hit with having to pay late filing penalties. April 15, 2021 is the deadline to file your income tax return. Individuals and businesses have different tax return deadlines since business owners pay quarterly, so beware of these different tax due dates.
3. Coronavirus and Your Taxes
As part of the CARES Act, if you received a stimulus check(s), missing any stimulus check(s), got a PPP loan, or any unemployment benefits you need to claim that on your tax return. Unlike past years, this is a step that can be easily forgotten but a tax expert will make sure you don’t miss any of these forms.
4. Hire an Accountant
Now more than ever hiring an accountant to assist you and your business through tax season 2021 can be extremely beneficial for you. An accounting professional will work with you every step of the way and make sure all forms are filed on time and correctly so you can save as much money as possible.
Whether you have started on your tax return or not it’s important to get in touch with a tax professional. If you have any questions about tax season 2021, contact the team at Satty, Levine & Ciacco, CPAs, P.C.