Page 21 - AreaNewsletters "Feb 2021" issue

B US I N E S S & F I N A N C E
The IRS has announced that the
Nation’s Tax Season starts on
Friday, February 12, 2021
T By Janell D. Ball, Pro Accounting & Tax Services, llc
o speed refunds during the pandemic, the IRS urges taxpayers to le electronically with direct deposit as soon as they have the information they need. As in previous years the IRS will not issue refunds involving Earned Income Credit and Additional Child Tax Credit until the rst week of March.
For those taxpayers eligible for the stimulus payments, most received the Economic Impact Payments (EIP) automatically and anyone who received the maximum don’t need to do anything when they le their 2020 return. But if you did not get the maximum amount or feel like you should have gotten the maximum amount and didn’t you will need to let your tax preparer know how much you did receive in 2020 and 2021.
The Treasury Department will be issuing millions of second EIPs by prepaid debit card to speed the delivery method to the taxpayers that are eligible. So be watching for that in your mail and it will display the US Department of Treasury seal and will state “Not a bill or an advertisement”, so don’t mistake it for propaganda mail.
Cardholders can use the cards to do any of the following without paying a fee:
✳ Transfer funds to a personal bank account
✳ MakesignatureorPIN-debitpurchasesanywhereVisaDebitCardsareaccepted—instores,
online or over the phone
✳ Get cash back with a PIN debit purchase where available
✳ Get cash from in-network ATMs
✳ Get a replacement EIP Card, if needed
✳ Check their card balance online, through a mobile app or by phone
Early January you should have started to receive organizers from your tax preparer and then W-2’s and 1099’s should have been mailed out or posted to your employer website
by January 31, 2021. ––––––––––––––––––––––––––––––––––––––––– If you need help with tax preparation or just have questions, please contact me at 303- 324-8617 to discuss your tax needs.
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
21 Castle Rock “AreaNewsletters • February 2021