Happy New Year! We pray 2021 will be a much better year for everyone!
It is that time of year again. Envelopes will start arriving that say “Tax Documents.” Be sure to put all the documents in the same place so when you are ready to have your taxes done, they will all be together.
Many of your forms may come electronically. You only need to print one copy. If we need more, I have a copier.
Your mortgage information may arrive with your interest and property tax information included with either the January or February statement, not necessarily in a separate envelope.
For any who did not receive the Economic Impact Payment, there is a place on the 2020 tax form to indicate whether or not the funds were received. The IRS has added the second stimulus to the 2020 tax return, as well. Both of these credits are refundable.
If you receive a 1099 for payment for services, there is a new form, designated as a 1099NEC which stands for None-Employee Compensation. If you are a business and must provide those forms, make sure you purchase the correct form if you prepare those forms yourself. I offer this service to several companies so I have a supply of those forms. If you have any questions about 1099’s, please feel free to call me.
The IRS is scheduled to open for electronic filing on January 25. Go to my website: www.pedersonaccountingservices.com and click on the button “Schedule” to make your appointment. I am available at the times listed on the calendar. Of course, I accept telephone calls to schedule as well.