OMAHA, Neb. (WOWT) – It’s too early to say if the IRS whirlwind of 2020 will be a sequel this year.
Her department, like thousands across the country, was also hit as they juggled a worsening pandemic and worked to issue millions of stimulus checks.
As a result, experts still encourage people to be patient while they wait for their tax returns to be processed. You also want people to keep in mind that there are some changes out there that could help them make a few extra bucks.
1. If you haven’t received a full stimulus check, or if you haven’t received one at all, it’s not too late.
John Gross, an accountant and owner of Midwest Accounting and Tax Services, Inc. stated that the federal government released the 2020 incentive based on everyone’s income in 2019, but that money was distributed for and during the 2020 tax year.
So, if you made more money in 2019 and, as a result, never received this incentive, you can claim this on your taxes for an additional amount of money or possibly the full amount.
2. New property tax credit
Gross also said there is “a big change going on for a Nebraska homeowner, or for someone with a rental or investment property.”
These individuals are “eligible for a tax credit based on taxes paid for that school district”. Taxpayers should check the Nebraska Treasury Department and look up their package number to see how much credit they qualify for.
3. New tax law for charitable donations
The IRS will give individuals who donate to nonprofits a gross deduction of $ 300 on their contribution, Gross said.
Typically, only taxpayers who declare their deductions are eligible for the charitable contribution deduction. The deduction reduces taxable income after the donor’s Adjusted Gross Income (AGI) is calculated. AGI determines eligibility for certain tax breaks.
For those who are not entirely familiar with personal tax appointments but would prefer to have the return carried out by a specialist, Gross suggested asking whether a drop-off option is available.
He said his company and many others will allow people to leave their tax information at the office so it can be filled out on their behalf to keep their distance and security. The process is secured and all communication takes place virtually.
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