Whether it’s your first time filing for taxes or your 30th, chances are you already know about the dreaded April 15, especially if you are a small business owner who also handles your very own payroll services.
That said, are you ready to file? As your trusted provider of accounting & bookkeeping services in Whitehall, Ohio, at Damawa Tax & Accounting Services, LLC., we know full well the stakes of forgetting these few key factors—missed deductions, delayed returns, and even unpaid taxes that you need to pay the penalties for—all these will eat up your time.
So, before sending your form, make sure to consider the following first:
- For faster returns, consider filing electronically and choosing direct deposit to get it.
Apply and qualify for Earned Income Tax Credit (EITC) if you are earning low-to-moderate income. This tax credit effectively reduces the tax amount you owe and can even provide you with a refund. Talk with the EITC Assistant on IRS.gov to know if you qualify.
- Did you receive unemployment compensation for the pandemic? That was taxable, so make sure to include it as gross income. This is not to confuse with the stimulus check you may have also received in the past year since it is not considered unemployment compensation.
- Were your area among the places identified by the federal government as a major disaster area in the past year? Certain tax law provisions may apply to you.
- Did you turn to work on gigs during this pandemic? Remember that your income is taxable, too.
Did you tick on all these? If you missed one, there is still time to enlist our tax services in Ohio. We will provide you with the timely, cost-effective, and customized tax solutions and accounting services you need right now.