FLORIDA - SENATOR RICK SCOTT SHARES TAX TIPS

 

Sen. Rick Scott Shares Helpful  Resources for 2021 Tax Season

Dear Floridian, The below information is from the Internal Revenue Service (IRS): On February 12, 2021, the IRS began processing 2020 tax returns.  Last year’s sweeping set of tax changes not only affected individuals and their families but may also affect the tax return they’re filing this year. A new IRS fact sheet explains what taxpayers need to know this year to file a complete and accurate tax return. Most income is taxable, including unemployment compensation, tax refund interest and income from the gig economy and virtual currencies. Taxpayers should gather any documents related to these types of earnings and include them on their return. To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. Taxpayers will need to check “Where’s My Refund” for their personalized refund date. Taxpayers have until April 15, 2021, to file their 2020 tax return and pay any tax owed. Learn more about this year’s tax filing process below.

The IRS recognizes that filing this year may be challenging for some taxpayers and it’s important to understand how to claim credits and deductions, get a refund timely and meet all tax responsibilities. Key Points for 2021 Tax Filing Season: Recovery Rebate Credit helps people still eligible for Economic Impact Payments New language preferences to help taxpayers Remember to factor in retirement plan distributions Non-itemizers can deduct $300 for charitable cash contributions Now more than ever, e-file is best _ Recovery Rebate Credit Economic Impact Payments (EIP) are an advance payment of the 2020 Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. Learn more about 2020 Recovery Rebate eligibility HERE or contact the EIP telephone line at 800-919-9835. _ Earned Income Tax Credit The Earned Income Tax Credit (EITC) helps low-to moderate-income workers and families get a tax break. If they qualify, taxpayers can use the credit to increase their refund or reduce the taxes they owe. Learn more about eligibility HERE. _ IRS Free File The IRS Free File Program is a public-private partnership between the IRS and many tax preparation and filing software industry leaders who provide their brand-name products for free.  Click HERE to file your 2020 tax return using IRS Free File or learn more about IRS Free File online options HERE. _ "Where’s My Refund” Tool The IRS’ “Where’s My Refund” tool allows you to check the status of your 2020 tax return online. Learn more about this tool HERE or check your refund status HERE. _ Interactive Tax Assistant The Interactive Tax Assistant (ITA) is a tool that provides answers to several tax law questions specific to your individual circumstances.  Visit the Interactive Tax Assistant HERE. _ Check your refund status, make a payment, find free tax preparation assistance or sign up for helpful tax tips by downloading the IRS2Go Mobile App HERE. If your address or name has changed, you must notify the IRS to prevent a delay in tax refunds. Update your information with the IRS HERE. If you have any additional questions regarding 2020 tax season, you can visit the IRS’ tax season frequently asked questions page HERE or contact the IRS at 800-829-1040 M-F from 7am-7pm.