tax season 2021

2020 was crazy and 2021 is shaping up to be a very busy year. But one constant is the swiftness with which the tax filing deadline approaches. Here are some tips for last-minute tax filing. Beware of Common Errors So You Can Avoid Them In your rush to complete your taxes on time, it may be tempting to “skim” over your work so you can finish more quickly. But this rush, coupled with the new and updated tax programs that were put in place due to the coronavirus pandemic, means you will very likely make mistakes. Here are the most common mistakes to look out for: SSN Errors – One of the most important things to have correct on your tax forms are the names and Social Security Numbers for everyone on your tax return. Make sure to check the SSNs for yourself, your spouse, and any dependents. Incorrect Account Numbers – 8 out of 10 taxpayers get their refunds by direct deposit. If you get your refund direct deposited, it’s worth the time to make extra sure your bank account and routing numbers are error-free. Forgetting to Sign – Your returns are not valid unless they are signed. If you are filing jointly, make sure your spouse’s signature is there, too. File Electronically In a PDF titled “Tips to Help Last-Minute Taxpayers”, the IRS stresses the importance of filing electronically. This is a great way to complete your returns quickly, taking some of that deadline pressure off you. Double Check Your W-2 & 1099 Forms On February 9, the IRS published a news release urging taxpayers to double-check that they received their W-2 and 1099 forms. “With some areas seeing mail delays, the Internal Revenue Service reminds taxpayers to double-check to make sure they have all of their tax documents, including Forms W-2 and 1099, before filing a tax return.” In a typical year, you should receive the following forms near the end of January: W-2, 1099-MISC, 1099-INT, 1099-NEC (new this year), 1099-G. If you are missing forms, you can reach out via …

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