FAYETTEVILLE, Ga. - Jan. 7, 2021 - When filing your taxes, most would agree earlier is better. This is usually the rule of thumb; however, 2020 was a year unlike any other. "With a worldwide pandemic coupled with major tax laws changes, taxpayers may want to wait before rushing to file their taxes this year," said Yvette D. Best, EA.
With the CARES Act's implementation, there were significant tax laws changes to help businesses and individuals. Having all of your documentation to account for income from unemployment or backup receipt of a COVID-related withdrawal from retirement accounts is crucial.
The recovery rebate credit is available to taxpayers who did not receive the first or second stimulus payments or had a change in family circumstances, such as giving birth to a child in 2020, to claim a dependent credit. Taxpayers should have Notice 1444 to account for the stimulus money received or print the information from the Get My Payment tool at irs.gov/eip.
Small business owners who were unable to work due to the coronavirus can use Form 7202 to claim refundable tax credits for sick or family leave. A major requirement is to maintain appropriate documentation to show that you are a qualified self-employed individual.
With all the different tax laws changes and tax credits available, a taxpayer should wait to ensure you have all the documentation and tax forms necessary to maximize your tax refund.
About Best Services Unlimited LLC
Best Services Unlimited LLC is a boutique woman-led accounting firm keeping small businesses and individuals IRS and state-compliant while increasing their net profits. Chief Tax Accountant Yvette D. Best has been in the accounting field since 1989, a four-time best-selling author, IRS Enrolled Agent with an MBA degree from Belhaven University.
All services of Best Services Unlimited LLC are readily available for viewing on the Internet at http://www.bestservicesunlimited.com.
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