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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
January/February 2021
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.
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
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