As tax season approaches, I encourage each of you to take advantage of tax filing assistance for qualified taxpayers and stay informed about refundable tax credits. I am happy to provide you with the following information and resources:
You may qualify to receive tax help at no cost! The IRS offers free local help and an online service for qualified taxpayers. Additionally, you can find tax filing assistance according to your zip code through the IRS.
If eligible, I urge you to claim your Earned Income Tax Credit (EITC) and Child Tax Credit (CTC). These benefits can come in handy for families!
The EITC is a refundable tax credit, meaning you do not need to owe taxes to benefit. This tax credit can provide real relief to eligible individuals and working families and could decrease the amount owed or increase their refund.
Taxpayers with a dependent under 17 years old may be eligible for the CTC, which helps provide support to families raising a child. For help determining if you are eligible to claim the Child Tax Credit or the credit for other dependents, click here.
If you were eligible for an Economic Impact Payment (aka stimulus check), but did not receive one or you received less than the full amount as an advance payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. For more information on the Recovery Rebate Credit, click here.
All unemployment benefits are taxable income. If you receive unemployment benefits you will be issued a Form 1099-G tax statement. For more information on WI’s 1099-G form, click here.
Workplaces are required to send W2s by mail or electronically by January 31st. If you have questions, please contact your employer.
This year, tax season will begin on February 12th, when the tax agency will begin accepting and processing 2020 tax returns. April 15th marks the deadline for filing 2020
tax returns, requesting a filing extension, and it’s also the deadline to pay taxes owed to prevent fees from mounting up.