Tax Season Starts On January 27, 2021. Are You ready?
Let DAT CPA help you get Organized For Tax Season
Starting January 27, 2020, the 2020 tax season starts and the IRS will begin accepting tax returns for over 150 million Americans. According to last year’s statistics, taxpayers will receive an average refund of $2,800.
Electronic filing is the preferred method of getting your returns in on time. The standard due date is April 15, 2021 with extensions available until October 15, 2021. If you have never filed an electronic return before, it is a great way to reduce errors on your taxes. Whether you are filing for yourself or your corporate taxes, DAT CPA can help you file electronically fast and easy. Call us at (727) 742-0384 for a free consultation.
What Changes Are There This Tax Season?
Changes are fairly minimal compared to previous years. However there are some changes to take note of.
First, the standard deduction was raised slightly to $12,200 for singles and $24,400 for married couples.
Some itemized deductions are more difficult to write off compared to previous years. For example, medical deductions are deductible if they exceed 10% of your gross income, which is up from 7.5%. Also, there is no longer a penalty for not carrying health insurance.
For divorced couples, alimony payments are no longer tax deductible. Likewise, alimony payments received are no longer taxable either.
Can I File My Return For Free?
The increase efficiency, the IRS has encouraged tax payers to file their taxes electronically through their Free File Program. However, not a lot of taxpayers are using it including for the 2020 tax season. According to the National Taxpayer Advocate, only 2% of individuals file electronically. Research indicates many taxpayers are not satisfied with the free filing program or are confused with how to use it. Having an experienced CPA on your side to help you navigate the federal tax landscape is the best way to make sure your individual tax returns are filed correctly.
Call DAT CPA And Get A Head Start
We are committed to finding and applying all of the tax benefits for which our clients qualify according to IRS statutes. Every tax return starts with a thorough checklist of credits and deductions which may apply to you. After reviewing the checklist and your personal circumstances, the tax return is prepared and reviewed in detail to ensure that you are paying only the correct amount of tax.
Call DAT CPA today at (727) 742-0384 or request a consultation now. We offer a wide variety of individual accounting and tax services to save you time and money.
Want to learn more about our individual tax services? Call today at (727) 742-0384 to schedule your free initial consultation or simply contact us here.