Reminders For Individuals Filing Taxes

Filing your taxes can be one of the most difficult things you do all year. For some, it is as simple as plugging in a W-2 and calling it a day. For others, especially those surviving off of tips and freelance work, it is much more complicated and intricate. It is a process that tends to reward those who are organized – and leave those who are not-so-put-together pulling out their hair. As you work on filing your taxes this year, here are some helpful tips to keep in mind from us at Robert V. Boeshaar, Attorney at Law:

  • Start by looking up the tax deadlines and starting your filing process well in advance of those deadlines. Getting a jump on things will help ensure that you have plenty of time to handle any complications that pop up.
  • Tax Planning help is not a waste of money, especially for individuals with several different sources of income. It can help you organize and cover all your bases.
  • Make sure you know the standard deductions and the ways that they have been affected by the COVID-19 pandemic.
  • Withheld unemployment benefits were not taxed in 2020, but they are this year. That will make a massive difference if you have not had taxes taken out of your unemployment benefits.
  • Collect any receipts for contributions you made to charities throughout the year and make sure to log them.
  • If you are self-employed, it may be more beneficial to itemize your deductions instead of taking the standard approach.
  • Do you work from home? You may be able to get a deduction on your taxes from that! After all, money spent on your work space is still spent on your work whether that space is in your own house or not.
  • Remember to protect your personal information while filing your taxes. Identity Fraud is still a major issue.
  • Remember that money you put into your retirement plan reduces your taxable income for the year.
  • Parents, remember to claim the rest of your currently expanded Child Tax Credit!

At Robert V. Boeshaar, Attorney at Law, we help individuals and small businesses resolve their disputes with the IRS. The best way to avoid those disputes in the first place is to stay on top of things while filing. For individuals, remembering to get your documents together ahead of time is key. For help with any IRS tax needs, contact Robert V. Boeshaar, Attorney at Law today! We solve IRS crises!