It's been a very busy year at the IRS, with many special tax changes. Below is a review of some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet to prepare your returns.
Most Americans pay taxes throughout the year from salary withholding, quarterly estimated tax payments or a combination of both. The IRS says about 70% of taxpayers over-withhold, resulting in a refund. For those people, the average refund was more than $2,700 in 2020.
The bottom line? Take a look at your tax status, and work closely with tax professionals for a smooth end of year and a tax prep that won't lead to unpleasant surprises!
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