The IRS has announced that it will start accepting 2020 individual tax returns on February 12th. As of right now, your tax return is still due April 15th. There are a number of things that will be different this year and some things you will need to keep in mind.
If you did not receive your stimulus payments, you can still claim them on you 2020 tax return. For those who welcomed into the family a newborn during 2020 but did not receive additional stimulus, you can do so on your 2020 return. The stimulus payments are not taxable. This is all good news.
Now for some not so good news. If you received unemployment benefits during 2020, you may end up owing tax because unemployment is taxable.
In past years, if you did not itemize your deductions you could not take advantage of charitable contributions. In 2020, you can deduct up to $300 of cash donations to allowable charities even if you claim the standard deduction. Remember to get a receipt for donations in excess of $250.
Contact Breon & Associates in Harrisburg
The tax experts at Breon & Associates can help advise you on 2020 taxes. With offices in Harrisburg and North Central PA, Breon & Associates provides business, accounting and tax services throughout Pennsylvania. Call us at 1-888-516-8476 or 717-273-8626, or contact one of our offices online to schedule an online consultation or an online training event.
415 Market Street, Suite #205
Harrisburg, PA 17101
Camp Hill Office:
3461 Market Street, Ste 101
Camp Hill, PA 17011
901 Dawn Avenue, Suite A
Ephrata, PA 17522
4 Park Plaza, Lower Level
Wyomissing, PA 19610