Following an unpredictable year with many changes and challenges, the IRS has shared several important reminders for taxpayers who are about to file their 2020 federal tax returns. Here are eight(8) tips that may help you:
1. Choose Direct Deposit
2. Earned Income Tax Credit
3. Taxable unemployment compensation
4. Interest is taxable income
5. Home office deduction
6. Workers moving into the gig economy
7. Charitable donation deduction for people who don’t itemize
8. Disasters such as wildfires, flooding or hurricanes
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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