Tax season is back and you can start preparing as early as February 1st. Download our tax preparation checklist to make sure you have all the essentials so you can get a headstart before April 15th, 2021.
Some things included on the checklist:
For individual filers – W-2’s, 1099 forms, Lender Loan Statements, etc.
For Business Owners – Mileage Reports, Tax ID Number, etc.
Home Owners (including rentals) – Mortgage interest statements, insurance premiums, etc.
Additional Items – Estimated tax payments, college savings contributions, etc.
It’s important to note some of the major tax changes for 2020: The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly. Income tax brackets increased in 2020 to account for inflation.
This year was unlike any other and for many, their finances will reflect that. Unemployment, investments, business losses, all have to be accounted for with new tax laws and regulations. This can be intimidating and hard to navigate, so let the seasoned experts at MBA Financial & Accounting Solutions do the hard work for you or your business. At MBA Financial & Accounting Solutions we offer services including but not limited to individuals, corporations, partnerships, LLC’s, amendments, prior-years, estates, trusts, and tax-exempt organizations. MBA accountants stay up to date on current federal and state tax laws as well as complex tax codes and new tax regulations in order to provide you with the best tax advice possible.
We also have a blog that lists and explains some of the tax changes in 2021.
Click on the link below and sign up – you’ll get instant access to our checklist. Remember to check with your CPA or tax preparer if there are any specific forms your tax situation needs.