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2021 Tax Filing Document

Top 5 Tips for Tax Preparation in 2021

It’s not a bold statement to say that 2020 is a bizarre and memorable year. Let’s face it, if anything, that’s an understatement. A lot of people are primarily focused on just simply getting it through the year. Still, it is never too early to start turning your eye towards preparing your 2020 tax return sometime in 2021 (after all, our traditional April tax date was moved this year!). With all the strangeness of 2020, there are some unusual tips to keep in mind for tax preparation for 2021.

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tax document

What You Need to Know About the New COVID-19 Tax Deadline

There is no doubt that the COVID-19 pandemic has made life look very different for the time being. Among all of the quarantines, school and restaurant closures, and overall social distancing, there have also been financial measures that need to be considered. Everyone knows about the stimulus payments that have been all over the news, but the tax deadline has also been moved, and there are a ton of ramifications that go along with it. There are some important things to know about this tax deadline extension that you should be aware of.

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How to Cope with Financial Stress During a Quarantine

Families across the country are feeling the stress of the pandemic and subsequent quarantines affecting much of the country. There are children at home, people are trying to get the hang of work and school from home and the little normal things of life, like sports, have gone by the wayside (for now). On top of all of this, the cycle of bills keeps moving like usual, causing the potential for major financial stress. However, there are some things to keep in mind to help you get through any added worry about money during the craziness of a quarantine.

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5 Tax Mistakes to Avoid in 2020

Tax season is slowly approaching, and no one wants to get hit with any penalties. By finding the tax mistakes that you can avoid in the 2020 season, you can feel more prepared and confident. No one wants to end up owing money, but there are some huge mistakes that can cost you more in the long run. By avoiding these five tax mistakes, you can be confident in your return when you submit.

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What’s your financial big picture?

As a military member, you may already have a basic plan laid out for your future. You may be planning to start a family, purchase a home, or shop for a new vehicle. Either way, the best financial plans start with a big picture. With 2017 already in full swing, take the time to reflect on your specific goals, outside of how much they may cost or how limited you may feel your resources are.

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Tax Treatment of Travel Expenses

If you are self-employed, you may be able to deduct the ordinary and necessary expenses of traveling away from home for your business. If you are an employee and incur unreimbursed travel expenses while traveling from your “tax home,” these expenses are deductible as miscellaneous expenses subject to the 2 percent of adjusted gross income floor (if you itemize your deductions on a Schedule A). These expenses can include the cost of transportation, lodging, and/or meals.

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Tax Credits: Child and Dependent Care Credit

If you have a child or other dependent and work outside the home, you may need to pay someone to care for your loved ones. Fortunately, the child and dependent care credit may provide some financial relief. The child and dependent care credit is an income tax credit for up to 35 percent of certain expenses you paid to provide care for your dependent child, your disabled spouse, or a disabled dependent while you worked or looked for work.

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