2020 was a...strange year. We, too, are glad it's over! If you'd like to get a jump start on your 2020 taxes, please fill out the form below and we will be in touch with you as soon as we are taking appointments. We'll be opening for appointments in late January and can't wait to say hello. :)
In the meantime, here are some important tax things that you should consider before the end of the year:
- Freelance / business expenses: Even if your freelance income was reduced or you didn't work in 2020, you can still take business expenses! This can lower your tax bill, increase your refund and even get you a refund on your 2019 tax return in certain situations (that's not a typo!) Track your expenses and we'll make sure your you're maximizing everything. Read more.
- Form 1099-MISC and (new for 2020) Form 1099-NEC: Starting in 2020, you should receive Form 1099-NEC reporting your freelance income. If you paid contractors more than $600 during the year, you are required to file a 1099-NEC for them by 1/31. Read more.
- Is my pandemic payment taxable? Unemployment income (yes), SBA $1000 advance (yes), stimulus check (no), PPP Forgiven Loan (no), Economic Injury Disaster Loan EIDL (no).
- Q4 estimated tax payments: Due on 1/15. Paying estimated tax payments will help you avoid penalties and reduce anxiety around filing.
Questions? You can always reach us at firstname.lastname@example.org!