Robert Lucchesi CPA
2239 North Carissa Place
Boise, ID 83704-6525
ph: 208-323-2533
fax: 208-323-2533
Bob
Lots of Changes
Updates from Mother IRS:
COVID Tax Tip 2020-172, December 16, 2020
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive.
Here are some new key things people should consider when filing their 2020 tax return.
Taxpayers may be able to claim the recovery rebate credit if they met the eligibility requirements in 2020 and one of the following applies to them:
People who received a federal tax refund in 2020 may have been paid interest. The IRS sent interest payments to individual taxpayers who timely filed their 2019 federal income tax returns and received refunds. Most interest payments were received separately from tax refunds. Interest payments are taxable and must be reported on 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT, Interest Income, to anyone who received interest of at least $10.
New this year, taxpayers who don't itemize deductions can take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For more information, people should review Publication 526, Charitable Contributions.
IF YOU NEED QUALITY TAX OR ACCOUNTING SERVICES I RECOMMEND Cammack, Asumendi and Kinchloe.
Go to the Cammack, Asumendi and Kincheloe Accounting & Tax website for information on 2020 and 2021 tax reporting and its requirments.
NAMPA OFFiCE: 1613 12th Avenue Road Suite B
Nampa, Idaho 83686
(208) 467-6488
SUNNYSLOPE OFFICE: 20104 Pear Lane
Caldwell, ID 83607
(208) 337-5479
For up to date information that I may not have posted to this web-page, visit the IRS website at www.http://irs.gov .
www.Lucchesi-Tax-CPA.com Last Updated on DECEMBER 18, 2020
Robert Lucchesi CPA
2239 North Carissa Place
Boise, ID 83704-6525
ph: 208-323-2533
fax: 208-323-2533
Bob