Glenda Moehlenpah, CPA, CFP®

 

Financial Bridges

13319 Poway Road, #506

Poway, CA 92064

 

Phone:  858-486-0100

 

Email: glenda@financialbridges.com

Website: www.FinancialBridges.com

January/February 2021

Organize for Tax Season

Organize for Tax Season

Another tax year is in the books and it’s time to get organized. Review the information you needed last year and consider any changes to your situation this year, so you can gather the appropriate documents to make filing your tax return easier.


With high pandemic unemployment, you may have collected unemployment compensation for the first time and you should receive a Form 1099-G from your state. Both federal and state unemployment compensation is taxable as ordinary income.


And if you made at least a $300 cash donation to charity in 2020, under the CARES Act you’ll be able to claim a deduction even if you don’t itemize. Make sure you have written acknowledgment of your donation from the charity. Copies of cancelled checks or bank statements won’t satisfy IRS recordkeeping rules.


Remember you have until April 15, 2021 to make contributions to your IRA for 2020. You can contribute $6,000 if you’re under 50 and $7,000 if you’re 50 or over. Now is a great time to organize your financial and tax strategies for 2021.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Financial Bridges and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.