The IRS has announced that the nation’s tax season will begin Friday, February 12, 2021 and reminded taxpayers claiming certain tax credits that refunds won’t be available until the first week of March. [Read more...]
Now that the holidays are over and tax season is underway, taxpayers will be anticipating their 2020 W-2s and 1099s. The filing deadline for W-2 and 1099 forms is normally January 31. This upcoming tax season, however, January 31 falls on a Sunday, pushing the due dates to Monday, February 1, 2021. You will meet the requirement to file if the form is properly addressed and mailed on or before the due date. [Read more...]
On December 22, 2020, The Internal Revenue Service issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes for 2021. Beginning January 1, 2021, the standard mileage rate is 56 cents per mile for business use (a decrease of 1.5 cents), 16 cents per mile for medical and moving mileage (a decrease of 1 cent), and 14 cents per mile for charitable organization mileage (no change). [Read more...]
The Earned Income Tax Credit (EITC) is a tax credit for people who work but do not earn high incomes. To qualify, taxpayers must meet the following requirements and file a tax return.
• You must have earned income. [Read more...]
Those of us in White County who own real estate probably haven’t received our property tax bill for 2019 taxes normally payable in 2020. The County Treasurer has provided an option of estimating and paying those taxes in 2020, even though we may not have received the actual bill. [Read more...]