Tax Tips for 2020

Taxes are coming up! Here’s a good video on how to know whether you should go it alone in preparing taxes or seek the advice of a professional.

A few pointers to keep in mind for filing 2020 taxes:

• If you filed for and received unemployment benefits this year, be on the lookout for a form 1099-G. This must be reported on your taxes. Hopefully you elected to have taxes taken out as you received benefits; but if you didn’t, that’s ok, just make a plan to have some money set aside to cover the taxes that will be due.

• If you withdrew some money from a retirement plan to help with COVID-19 related expenses, seeking out the help of a tax professional is probably a good idea this year.

• Many folks started a side hustle (or three) this year to help out financially. This income is reportable regardless of the amount you made and is also taxable. If you didn’t set some of your earnings aside to cover these taxes, that’s ok, just make a plan now!