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This year, there’s no telling when the COVID-19 crisis will end or if the tax deadlines in April will be postponed again. So here are some compelling reasons to get your 2020 taxes filed much earlier than usual here in 2021.
It doesn’t seem like it was all that long ago that the last tax deadline was pushed back. Usually, Tax Day falls on April 15, which is the last day you can file your taxes for the previous year without getting uncomfortable pressure from the IRS. Due to the coronavirus pandemic, however, the 2020 deadline for 2019 taxes was extended. This year, there’s no telling when the COVID-19 crisis will end or if the tax deadlines in April will be postponed again. So here are some compelling reasons to get your 2020 taxes filed much earlier than usual here in 2021.
Quicker Turnaround on Your Tax Refund
If you have been looking forward to getting your tax refund, it is even more incentive to get your taxes done well ahead of schedule. That’s because the sooner you get around to it, the faster money will come back to you. And who doesn’t want that – more money to sustain their family and support their small business? Small businesses all over the country are hurting from the pandemic, causing them to lose customers or even have to shut down because they can no longer afford to make ends meet. So if you file your return online and choose to receive a direct deposit, the IRS should be able to refund you in about three weeks after submission and approval.
Surprise Yourself with a Heftier Return
Life changes will yield different benefits. Whether or not you changed tax brackets in the last year or so, you might be surprised by the deductions and credits that become available for you. Having children, getting married or divorced, or buying a home can all influence how much money you’ll get back on your tax return – and considering the additional turmoil from the last ten months, you could be astounded to see your checking account skyrocket.
Find Out If You Are Eligible for More Stimulus
Moreover, you could be eligible for more stimulus money than you initially expected. Even if you have already received your stimulus check for this second payment, you could be in for a major surprise. 2019 tax data helped to determine the stimulus checks, but certain significant life events in 2020 could entitle you to even more cash relief – such as qualifying dependents like brand new children who were born last year.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.