Five things to review with a tax professional before July 15

Posted at 6:39 AM, Jul 14, 2020
and last updated 2020-07-14 10:58:58-04

If you procrastinated on filing your 2019 income taxes, now might a good time to reach out to a tax person for help. The deadline for filing is July 15.

Here are some other good reasons to meet with a tax professional soon:

The 2019 deadline for contributing to traditional and Roth IRA’s, as well as Health Savings Accounts (HSA’s), and some 401k plans was also extended to July 15. Ask your tax person about eligibility and procedures for making these contributions before the deadline.

If you did not receive a stimulus payment, your tax professional may be able to provide information on eligibility, tracing payments, or how to receive a payment when filing taxes next year.

If you received unemployment benefits in 2020, this might be a good time to do proper tax planning for what you might owe on these benefits.

There were also special programs that were made available this year for small business owners, students, and others that may have some tax consequences or benefits. Ask questions about how these programs may affect your taxes.

If you are covered by insurance through the marketplace, you may want to discuss issues related to premium subsidies. This could affect what you pay in taxes later.

There are also changes that took place this year pertaining to the required minimum distributions. Your tax professional should be able to share more information about how this may or may not affect you.

For more information on finding a qualified tax professional, click here.

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