Tax season normally get you down? Did you take unemployment during a leave of absence from work? Did you have full medical coverage for the calendar year 2020? This time of year, there are always questions and after surviving the year 2020 who could blame you for having some anxiety coming filing for the 2021 tax season. Let us help you with your taxes and file soon so you can get back to focusing on what’s really important. Start filing soon the IRS begins to accepts tax returns on February 12th, 2021.
Here are a few things to remember as we head into the 2021 tax season:
1. You have to file by this years tax day Thursday, April 15 2021
2. Deductions have been increased this year to$12,400 for single and $24,800 for married couples
3. And some really good news income tax brackets have been increases in 2020 for inflation
4. Start to gather all receipts, credits to make the sure you get the most from filing
5. take note of all unemployment and PPP loans for 2020
New rules and challenges arose during the coronavirus pandemic. Geyer and Associates can make sure that you’re accounting for all that happened this year. These might include stimulus checks, Paycheck Protection loans, unemployment benefits, retirement plans and educational expenses. Figure out whether you are better off taking the standard increased deduction for 2020 or itemizing your deductions. Even though it’s easier to take the standard deduction we can organize and find out if you’re better off making an itemized deduction. For those who are having a hard time understanding all the complexity’s look no further than Geyer and Associates we can help you navigate the changing landscape of taxes, while making sure you get the best return possible.
Whether you’re filing for a individual, household or business our brilliant Fort Collins CPAs can help you out. We pride ourselves in treating even our newest clients as family because we want to continue doing your taxes for years to come. And just a friendly reminder If you have a business make sure you file before March 15th, 2021. Let Geyer and Associates team make the process of filing your 2020 taxes simple and easy. Call us today and schedule an appointment so we can look into your taxes and help guide you to save some money this year.