{"id":3623,"date":"2021-02-05T10:10:42","date_gmt":"2021-02-05T15:10:42","guid":{"rendered":"https:\/\/www.neuhauscpas.com\/?post_type=avada_portfolio&p=3623"},"modified":"2021-02-05T10:10:42","modified_gmt":"2021-02-05T15:10:42","slug":"february-2021","status":"publish","type":"avada_portfolio","link":"https:\/\/www.neuhauscpas.com\/portfolio-items\/february-2021\/","title":{"rendered":"February 2021"},"content":{"rendered":"

Upcoming dates:<\/strong><\/p>\n

February 15<\/strong><\/p>\n

– Presidents’ Day<\/p>\n

Reminders<\/strong><\/p>\n

– Organize filing records (1099s, 1098s, W-2s, etc.)<\/p>\n

– Schedule tax appointment for drop off or meeting<\/p>\n

– Begin tax planning for 2021<\/p>\n

As the tax filing season gets underway, now is a great time to review some tips to help ensure your tax return is processed without a delay. Also included are reminders of some surprising tax situations this year because of the pandemic. For small businesses there are some organizational hints that seem to work and a thoughtful article for all of us to consider about how we tend to undervalue the worth of our personal identities.<\/p>\n

Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them.<\/p>\n

4 Ways to Make Sure Your Tax Return Doesn\u2019t Get Stuck<\/strong><\/h2>\n

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed.<\/p>\n

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  1. Keep tax documents in one place.<\/strong> Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as you receive them. Common missing items this year will include the new 1099-NEC for any taxpayers that are contractors, consultants or part of the gig economy.<\/li>\n
  2. Organize documents by type.<\/strong> Every tax professional has a story of someone bringing their documents to them in a shoebox or storage container. All this does is increase the amount of time it takes to prepare your return, so it\u2019s best to sort your documents in tax return order. Pull out last year\u2019s tax return and create folders for each section including income, business\/rental information, adjustments to income, itemized deductions, tax credit information and a not-sure bucket.<\/li>\n
  3. Create list of special events.<\/strong> You receive a Form W-2 from your employer every year. You may get a 1099-INT from your bank if you earn interest income on your deposit accounts. But selling a home usually doesn\u2019t happen every year. Retiring from a 40-year job doesn\u2019t happen every year. Sending a child to college also doesn\u2019t happen every year (although it might seem like it does!). If you don\u2019t write down these unusual events as they happen, you might forget them when your tax return is being prepared. And you may not remember until the moment your return is about to be filed. This is sure to cause delays.<\/li>\n
  4. Don\u2019t forget your signature!<\/strong> You may be surprised to learn that even if you electronically file your tax return, you still must sign Form 8879, which authorizes the e-filing of your return. So whether it’s a traditionally-filed paper tax return or one filed electronically, a signature is required.<\/li>\n<\/ol>\n

    These are four of the more common reasons why the preparation of your tax return may get delayed. Be prepared and file your return without a hitch!<\/p>\n

    Be Prepared For These Pandemic-Related Tax Surprises<\/strong><\/h2>\n

    Don\u2019t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.<\/p>\n