It’s that time again – tax season! Like all tax seasons, important documents need to be collected and tax refunds need to be issued. This year’s tax season will take on an extra dimension: the impact of stimulus checks. A recent study said that some Americans are not sure how to proceed with their taxes this year, and need to know what documents they need to collect before filing.
According to our latest poll, results were almost split down the middle. Respondents said that they knew how stimulus checks will be affecting their 2020 taxes with a group of respondents close behind saying that they don’t know how it will be affecting their taxes. There was also a small group of respondents that said that they did not receive their stimulus checks yet, which will be directly affecting taxes. Our LinkedIn poll had different results, with the majority of respondents saying that they did not know what documents or information would be needed for 2020 taxes regarding stimulus payments.
For those who haven’t received their stimulus payments yet, you can claim your payments on your 2020 tax return. Learn more about claiming your stimulus payments and how to prepare for your 2020 tax return from a recent CNBC article – here.
Tax planning during turbulent times isn’t easy, especially when you’re doing it alone. Let Annex help. Annex has a team of experienced tax planners and financial advisors on your side that will make things easier. AWM provides investment and retirement planning, tax planning, and estate planning; it’s an elite, full-service wealth management experience from a fee-only fiduciary. Head to AnnexWealth.com and click the Get Started button.
