TDC Tax Services, LLC February Newsletter

TDC Tax Services, LLC
February Newsletter

Supporting you with practical tax information!

Tax filing season set to begin February 12th
 
View your IRS account online to see information about your federal tax account, most recently filed tax and EIP payments.
Recovery Rebate Credit.  Anyone who is eligible for an Economic Impact Payment but did not get the payments or did not get the full amount, must file a tax return to claim the recovery rebate credit.
Use E-file and Direct Deposit for the fastest refund.

View your IRS Account

Good to Know for 2021
 
Eligible educators can deduct unreimbursed expenses for protective items to stop the spread of COVID-19 in the classroom.
$300 Charity deduction without having to itemize.
Economic stimulus is not taxable.
Unemployment compensation is taxable and must be included as gross income.
If your earned income was higher in 2019 than in 2020, you can use the 2019 amount to figure your EITC and Child Tax Credit for 2020.

TDC Tax Services, LLC
 
TDC Tax Services, LLC is a small tax preparation and consulting firm in Minnesota and serves clients nationally with online services. We help individuals and small businesses with tax, 
accounting and financial needs. 
Enrolled Agent, IRS Authorized E-File Provider, and Quickbooks Pro-Advisor.

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