Bridge Tax Resolution

How to Set Yourself Up for a Hassle-Free Tax Season (2/4) By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises: Organize Records of Other Potentially Taxable Transactions... The sale of major assets like stock, a house or any other big ticket item may yield a taxable capital gain. Many cryptocurrency transactions (such as buying and selling Bitcoin) also have tax implications, since the IRS classifies cryptocurrencies as property. Make sure you have complete records of all your significant financial and property transactions during 2020.

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How to Set Yourself Up for a Hassle-Free Tax Season (1/4) By taking a few simple steps now, you can greatly reduce uncertainty and stress during the upcoming 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises: Gather Documents Showing Wage, Business And Other Income... If you work as an employee, you should receive a W-2 from your employer(s) by early February, showing your earnings for the year and the total tax withheld from your paychecks. If you are self-employed (including gig economy work) or own a business, you should receive 1099 forms from your clients showing fees paid to you. Interest and dividend income, along with royalties from past work, are also reported on 1099 forms. Recipients of unemployment benefits (including $600 federal Pandemic Unemployment Assistance payments) and/or taxable Social Security benefits should receive a year-end statement detailing these payments as well. Store all of these documents with your tax records.

Tax Filing Season Start - Did You Know? The IRS has announced that the individual tax filing season will start on Friday, February 12, 2021 and the current deadline to file 2020 tax returns and pay any taxes owed is Thursday, April 15, 2021. Although the IRS systems open for processing on February 12, you do not have to wait until then to begin preparing for your tax return.

2021 Mileage Rate Changes Starting on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: - 56 cents per mile of business travel driven, a decrease of 1.5 cents from the rate for 2020.... - 16 cents per mile driven for medical or moving purposes (for qualified active duty members of the Armed Forces), a decrease of 1 cent from the rate for 2020. - 14 cents per mile driven in service of charitable organizations, remaining unchanged from 2020. You may also have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.