Tax Season 2021
Here at Elementary Agency we want you to enter 2021 prepared for anything. We know 2020 is in the rear view mirror and it is not a place you would want to revisit. But there is one last thing from last year that needs handling: Tax Season! Tax Day is Thursday, April 15, 2021. You must file your 2020 tax returns by this date! The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly. Income tax brackets increased in 2020 to account for inflation. Be sure to review your insurance policies. Tips for taxpayers to make filing easier File electronically and use direct deposit for the quickest refunds. Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call. For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit . Most people received Economic Impact Payments automatic...