“This year there are many changes with COVID changes in the IRS tax number. There are many opportunities that many can take advantage of and of course there are also many pitfalls,” said Andrew Reigstad, owner of Tax 29, reminding eligible individuals who di
“This year there are a lot of changes with COVID changes in the IRS tax number. There are many options that many can take advantage of and of course there are also many pitfalls,” said Andrew Reigstad, owner of Tax 29.
It reminds eligible individuals who have not received Incentive Dollars that they can submit their tax forms to receive that money or part of their refund balance.
Reigstad adds, “If a taxpayer didn’t receive a stimulus payment in March or April last year or December or January this year, they can get it back with a refund credit on their tax return.”
He says there is no direct tax on stimulus checks, but when people owe the IRS money, they may only see part of the stimulus dollars.
“It’s not like the past, if the money comes through taxes it will make up for what you owe,” Reigstad said.
In addition, there are options that can help tax accountants achieve higher returns.
Reigstad stressed, “Many taxpayers have seen job losses, saw their income fall, and they can look back and look at 2019 and use those numbers when that improves their reimbursement on certain loans like the Earned Income Credit Child Tax Credit.
For people who had to take money out of their 401-K there
There are also potential penalties for fines and an option to spread your payments over three years. Reigstad said: “We have been helped by many of our customers.”
There are new prints for charity donations and various situations that are brand new due to COVID-19.
According to TAx 29, more professional help than ever may be needed this year to maximize refunds or reduce the amount you owe.
The filing deadline and the day you must pay the IRS if you owe money is April 15th. However, you can apply to extend your filing until October 15th.
“Some of the big things like solar panel energy loans and geothermal heat pumps are taking off. They’re still there. We can look for all of these for our customers,” added Reigstad.
The owner of Tax 29 told WFMJ News that the changes had taken effect. He saw great help in the form of large refunds.
for some customers who traditionally had nothing in return.