Timely Tax Tips Help Ensure Correct Returns

Feb 12, 2021 | COVID-19, Tax Season

When you provide your paperwork to Premier CPA Services, you’re entrusting us to file your tax return accurately and efficiently. We use sophisticated software to handle the math, find common errors and flag missing information. But we also use our years of experience to ensure you get all the valuable credits and deductions due to you.

We’ve created Checklists for both business and personal returns to ensure you provide us with all the necessary materials to prepare your return. You can download those here:

Follow these tips

To further ensure the accuracy of your return, please consider these additional tips:

  • Choose Direct Deposit for your refund (and verify bank routing and account numbers).
  • Verify Social Security numbers.
  • Double-check the spelling of all names.
  • Confirm filing status (i.e., single, married filing jointly, married filing separately, or head of household).
  • Check the final numbers to ensure all income and expenses are accounted for correctly.
  • Review credits and deductions for things like the earned income tax credit, the child and dependent care credit, and the recovery rebate credit.
  • Sign all forms.
  • Return them to us in a timely manner so we can file your forms on time.

Thank you for entrusting us with your tax return. Please let us know if you have any questions or concerns about your tax files.

Tax Tip: Claim Dependent Credit

If you don’t qualify for the child tax credit, you may still be able to claim credit for other dependents, up to a maximum of $500 per dependent. The credit starts to phase out for incomes above $200,000 single, $400,000 married filing jointly.

Dependents must meet certain conditions, including:

  • Be age 17 or older.
  • Have individual taxpayer identification numbers.
  • Be a parent or other qualifying relative you support.
  • Be an unrelated dependent who lives with you.

You can claim the credit if:

  • You claim the person as a dependent on your tax return.
  • You cannot use the dependent to claim the child tax credit or additional child tax credit.
  • The dependent is a U.S. citizen, national or resident alien.

If you’re unsure whether you can claim someone as a dependent, please contact us for details.

Business Returns Due March 15

Don’t forget! While personal tax returns are due April 15, business and corporate returns are due on March 15. To get your business return done on time, please have all your materials to us no later than February 22.

Access your IRS information online

Online Account is a website system where you can securely access your individual account information. You can:

  • See any amounts you owe to the IRS
  • Make a payment, if due
  • View balance details by year
  • Review payment history, including any scheduled or pending payments
  • Review payment plan details and payment plan options, or request a payment plan
  • Get digital copies of select notices from the IRS
  • View any Economic Impact Payments (EIP) you received
  • Review key information from your most recent tax return, or access your tax records via Get Transcript

To gain access to Online Account, you’ll need to create an account by going through a rigorous identity verification process. Click here for more details.

Tax Tip: Sick and Family Leave Credits

If you are self-employed, you may be eligible to claim tax credits for leave taken between April 1, 2020, and December 31, 2020, due to COVID-19 in which you were unable to work or telework for reasons relating to your own health or that of a family member.

Form 7202: Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals will be used to claim the tax credit passed as part of the Families First Coronavirus Response Act (FFCRA). The credits will help offset your federal income tax. Note that you may also be eligible in 2021 for leave taken between January 1, 2021, and March 31, 2021.

The information provided here by Premier CPA Services PC is for general information only. It does not constitute legal, accounting, tax or other professional advice or services, and is presented without any representation or warranty as to the accuracy or completeness of the information. Please contact us for information as it relates to your circumstances.
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