How to be Prepared for this Year’s Tax Season

Tax Season is underway, and the State and Federal filing deadlines have been extended until May 17, 2021.

Some people may feel confident and have enough knowledge or a simple enough tax situation to file without assistance. You will have to decide if you will file by mail or electronically. The IRS prefers and recommends filing electronically as it is more efficient, more secure, and usually results in a faster refund.

Self-Help Tax Resources

IRS.Gov – Tax Tips

IRS.Gov – Information on Electronic Filing

Mass.Gov – Tax Information for 2020 Filing

Help Finding Reputable Tax Assistance

Mass.Gov – Finding a tax professional to Help with your Taxes

Free Tax Assistance

Volunteer Tax Assistance Programs offer free tax help to people who generally make $57,000 or less, including persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. They also help with getting tax credits and refunds.

Commonwealth of Massachusetts

Masscap – Volunteer Tax Assistance Program

ABCD Tax Assistance Services

Boston Tax Help

Nationwide

IRS.Gov -Free Tax-Return Preparation-for-Qualifying-Taxpayers

Special COVID-19 Tax Considerations

Unemployment Fraud during COVID

Information from the IRS:

• Those who may be eligible for stimulus payments should carefully review the guidelines for the IRS.Gov Recovery Rebate Information
• Anyone who received the maximum amount Economic Impact Payments automatically does not need to include any information about their payments when they file.
• Advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.
• Those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.

CNET – Stimulus Checks and your 2020 Taxes: What you Need to Know when you File

COVID Relief Bill Tax Breaks

CNBC – COVID Relief Bill Tax Breaks

The EAP is available to help with many financial issues. Additional information can be found in the EAP COVID Financial Resources section of this site.  Call 1-866-724-4327 to speak confidentially to an EAP Consultant or schedule an appointment via the online form.