Jan 22, 2021
This time on the Legence Bank Podcast, we're sharing important information about various tax and financial provisions for 2021.
Tune in to learn more about the 2020 economic stimulus payments, new deductions for filing a return in 2021, energy tax credits, new laws and tax provisions for the Paycheck Protection Program (PPP), more specifically the PPP Second Draw Loans, in addition to net operating losses for farmers and so much more.
Tax laws are always changing, and Kevin Bragee, CPA with Bragee and Thompson CPAs in Marion, shares a lot of great information and options for individuals, families, businesses, and farmers as you prepare to file a return in 2021. The earliest anyone can file a return is February 12, 2021, and we encourage you to consult a tax professional with any questions.
The IRS has developed a web-based tool called Get My Payment, www.irs.gov/coronavirus/get-my-payment, for individuals to provide banking information to the IRS to receive payments by direct deposit rather than by check sent in the mail.
If you aren't required to file a tax return, and you don't receive any of the above payments, you can register to receive an economic impact payment by providing information on the IRS's web-based Non-Filers: Enter Payment Info Here tool, www.irs.gov/coronavirus/non-filers-enter-payment-info.
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