What to expect this Tax Filing year!
Ok, so taxes are not fun, and the dreaded irs phone call can last hours if not days… but we all need to get those taxes filed. Here are some things you can expect this year when filing your taxes in the middle of a pandemic.
DELAYS!!! According to Yahoo news, the IRS is behind 6 million tax returns from 2020 going into the 2021 tax filing season. Make sure you are filing early, and try to file correctly the first time! If you are trying to buy a home this year, or thinking of investing, communicate with your CPA and your trusted Realtor and Lender team to ensure you are filing the best way to benefit your upcoming needs.
CHILD TAX CREDIT. Make sure you fully understand these credits. If you took the prepayments from June 2021 - December 2021 ensure you are communicating with your CPA or tax filer the amount you received.
TIPS TO ALLEVIATE FRUSTRATION. Get started early. While the file deadline is April 18th for most taxpayers, the sooner you file the better. The IRS is anticipating a 21 day processing period according to irs.org. Lastly, the phone volume is so high, they are encouraging people to try to utilize the tools on IRS.gov prior to calling into the IRS.
Of course this time of year is stressful for everyone, including small businesses, but getting a head start will give you a head up on this annual responsibility.
If you are considering buying, selling or investing in real estate this year, connect with your Sage Street Realty Realtor and discuss ways to utilize your returns to your advantage. If you are looking for tax strategies, let's strategize the best way to move forward.
*Please note that your Realtor is not a CPA or tax planner, but use us as a resource for achieving your real estate goals!
