Federal Tax

Preparation is Key for 2020 Tax Filing

Make filing your 2020 federal income tax return easier with some preparation. The IRS is reminding taxpayers to get ready for the 2021 filing season. Steps you can take now include gathering your W-2, Wage and Tax Statements and Forms 1099 for Misc. Income, notices of unemployment compensation, refund interest, gig economy income and virtual currencies (and related business expense documentation). If you received a stimulus check, along with Notice 1444 (Your Economic Impact), add it to your collection. It may show you’re eligible for a Recovery Rebate Credit. While there’s time, use the IRS.gov Withholding Estimator and adjust withholding if necessary. Click here for more. Contact Cg for help. © 2020