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How Do I Get Help Understanding Changes to My Tax Return in 2021?

By February 8, 2021March 17th, 2021No Comments

The Team at OTB Tax Can Help!

With tax season officially up and running, I’m getting this question a lot.  Clients are asking for help with the changes for tax season 2021. They are ready to put 2020 and its tax returns behind them. They’re ready to create a strategy and start planning for the 2021 tax return.

And that is a smart thing to do.  Too many people think that they work with an accountant or an accounting firm once each year to complete their tax returns and then move on with their lives until it’s time to file the following year.

But we need to back up a minute.

With all things COVID-19 last year, some changes occurred. Rest assured, the OTB Tax team is ready and willing to help you navigate this tax season! We provide a more relaxing and less taxing way for all of our clients, both recurring and brand new.

We can help you save more of your money, time, and sanity! Let us help you prepare your 2020 tax return!

What is your first step to a triple-checked tax return and more money in your pocket? Book a Tax Strategy Session with one of our team members here: Book a Tax Strategy Session With OTB Tax Team.

And whether you are having your 2020 tax return completed by OTB Tax or not, you will want to answer some of these questions to make sure you end that year on a good note. Then you can move on with 2021.

Did you receive an Economic Impact Payment? It’s been a while, but that was the $1,200 plus $500 for each qualifying child you had in 2020 back in the spring, remember? Well, if you did, you should have a Notice 1444 stating how much your family received. If you didn’t receive the full amount you should have, that could be part of your tax return in 2021 with the Recovery Rebate Credit.

When you filed in 2020, did you get interest paid? If so, you will get a 1099-INT for any interest you received in the amount of $10 or more.

Did you take advantage of the Paycheck Protection Program and take out a loan to help with expenses such as payroll, rent, or interest on mortgage payments, and utilities? Do you have that documentation handy?

Those questions are only about three items, but is it starting to feel overwhelming for you already? We can help you with these questions and everything else that was added and changed throughout the year.

Whatever you do, this is not the year to be struggling through something like TurboTax!

My team had so many clients last year who accidentally clicked on the wrong box and submitted the wrong paper and ended up being audited. Simply because they tried to make an educated guess on their tax preparation software.  Let me tell you the difference between my team and the tax preparation software.  How does OTB Tax compare to TurboTax?

Speaking of mistakes on tax returns, did you know our team at OTB Tax can amend your previous tax returns? Yes, up to three years old. Some clients come to us thinking once a return is filed, the door slams shut. And any missing deductions are just that – missing.  But that simply isn’t true. Learn more about how we can help you go back and get more of your hard-earned money in your pocket here: Can I amend a previous tax return?

Friends, here’s the bottom line on your 2020 tax return: we are here for you.  At OTB Tax, our goal is to help more people save more money. Then we hope that when you save more, you’re able to have a better quality of life.

And then you live more!

And when you live better and have that extra money, you are more willing and able to give more. By giving more, we mean donating to organizations that help people in need. But we also want you to share the information you learn about tax strategy by working with our team with your friends and family!

And then it begins again. They save more, live more, give more, and share more. And again and again.

Here’s to a more relaxing and less taxing life!