Tax Season is Here
Thanks to the Corona Virus, the VID, Covid-19 or whatever it is that you prefer to call it, a lot has changed for the 2021 tax season. We cannot stress enough how important it is to start thinking about your tax situation now, while there’s still time. As a group of Accountants, headed into a busy season, we want you to be prepared to tackle your taxes before they tackle you… 2020 style. To do that, we outlined a few points to take note of before as we prepare for the 2021 tax season.
- Tax Day is Thursday, April 15, 2021. You MUST file your 2020 taxes by this date!
- The standard deduction for 2020 increased to $12,400 for single filer and $24,800 for married couples filing jointly.
- Income tax brackets increased in 2020 to account for inflation.
Overwhelmed yet? Don’t be. We’re here to break down everything that you need to know to confidently file your taxes next year. Next up….understanding Income Tax Brackets and Rates for the 2021 Tax Season.
