Page 30 - AreaNewsletters "Apr 2021" issue

Pro Accounting
& Tax Services, LLC
Janell D. Ball, Accountant Castle Rock, CO 80108
(303) 324-8617 Work
(303) 223-3303 Fax proaccountingtaxservices.com jdball65@gmail.com
B US I NE S S & F I NA NCE
2020 Taxes
Quite the Challenge
By Janell D. Ball, Pro Accounting & Tax Services, llc
I thought 2019 tax season was challenging, well it is a cake walk compared to what 2020 tax season is turning into.
To get all these changes implemented the IRS has moved the tax deadline ling date from April 15th to May 17th, 2021.
Rest assured if you think you are entitled to the 3Rd EIP and have not received it yet there are a few contributing factors. The EIP is based o your 2020 return but if you have not led your 2020 return then it will be based on 2019 and then once you le your 2020 return and the recovery rebate credit is recalculated you will receive the remaining amount in your tax refund.
Be patient with your tax preparer as we are all waiting for the IRS to implement these changes and get the changes to the respective tax software companies to process accurate returns.
T
he American rescue plan has been passed that includes the third EIP of $1400.00 per person, tax exempt unemployment up to $10,200.00 and no repayment of Advanced premium tax credit just for 2020 tax year.
Dan Maurer 303-814-2349 CEO/Owner
Investment Advisory Services
Investment Advisory Services o ered through DWM Family Wealth Ltd.
Email > Dan@DWMFamilyWealth.com
April 2021 • Castle Rock “AreaNewsletters” 30