December 15, 2020
It’s probably fair to say that most of us can’t wait to see 2020 out the door. But there’s one more task to carry out before you can wave goodbye to The Year We’d Rather Forget: Be ready to file your taxes.
With changes to the tax code for 2021—many because of the COVID-19 pandemic—now is the time to get your tax season ducks in a row while you have the luxury of time to do it. Here are some tips to be sure you’re ready:
Sure, it might feel early to be thinking about taxes when we’re still in the holiday season, but just think of how nice it will be not to have to scramble or get hit with unwelcome surprises on Tax Day.
What do accountants do with themselves after tax season? Actually, the same thing they do during busy season: They work hard for their clients. The only difference is that instead of cranking out tax returns, they help clients work through other aspects of their financial health—including issues revealed during the yearly tax return process.
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit.
Spend it? Save it? Invest it? Share it? Here are a few ideas for putting your tax refund to work for you: