IRS Warns Of Delays And Challenging 2021 Tax Season: 10 Tax Tips For Filing Your 2020 Tax Return

The Internal Revenue Service says taxpayers should expect limited face-to-face operations, heavy call volume, and paper-processing delays as it opens today for tax season 2021, accepting tax returns for tax year 2020. And then there’s all the pandemic-related tax law changes to consider. Here’s a guide to some key issues.The IRS says that paper-filed tax returns and paper checks will take even longer this year. One out of five taxpayers don’t get their tax refunds by direct deposit.

If you have self-employment income, make sure you keep track of deductible expenses relating to your gig, and if you’ve set up a home office, you might qualify for the home office deduction.If you made cash gifts to charities in 2020, there’s a new $300 above-the-line charitable donation deduction per tax return. That means that even if you, like most taxpayers, take the standard deduction and don’t itemize deductions, you can take the $300 charitable deduction.

QUESTION: You pay $14,000 in school taxes and town taxes; $10,000 in State Income taxes and $1,200 in sales taxes - total being $25,200. If you are only allowed to deduct $10,000 for taxes, are you not paying federal income tax on $15,000 which you paid in taxes?

Since we all work from home, shouldn't 8 hours per week day of our rent, electricity bill and internet be included in our tax returns? Just thinking out loud about this 🧐

Why are you wasting your time on monthly salary when you can work from home and earn up to $11,000 without any stress just with your smartphone and PC Ask me How if interested Rolandwolf186

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