No one really likes tax season…except maybe the tax preparers. And a few accountants. And those who are anticipating getting big refunds.
For most of us, tax season is just another yearly chore. However, this year is a little different. Things are about to get MUCH more complex for the average taxpayer, mostly because of the havoc that COVID has wreaked throughout the country.
- Did you lose your job in 2020 and receive unemployment?
- Did you lose your insurance or utilize the Health Care Marketplace?
- Did you work from a home office and plan to claim a deduction?
- Are you missing a stimulus payment?
- Did your business receive PPP funds?
- Did you dip into retirement funds to supplement lost income?
- Did you buy or sell a home?
These questions, and whole slew of others, could make completing tax returns this more more complex in 2020.
Whether you choose to do your taxes yourself or to utilize a tax preparer, it pays to do your homework in advance, so that you know what documentation you need and what income you will need to claim on your taxes. There are many online resources, including IRS.gov, that can help you successfully file your taxes and maximize your return.
Don’t wait until the last minute to file, either. Experts are saying that the earlier you file, the best chance you have of avoiding problems with potential future stimulus payments. Not the mention the fact that you’ll get your refund faster!
We are always here to help with all your Northern Virginia real estate needs! If you are unsure of your home’s value or if you are thinking about buying or selling in 2021, contact Jason at 703-298-7037 or Jason@JasonAndBonnie.com.