February 22, 2021

2021 Tax Tips From The IRS

The IRS has made a big push in recent years to become a more consumer friendly organization. Their website now offers a plethora of practical and easy-to-read articles, and some of the information there can really help tax payers in the long run. If you’re interested in seeing some of the latest developments, you can check out the IRS Newsroom. Meanwhile, here are three recent posts from the IRS which may affect your tax preparation.

  1. Did you get your full Economic Impact Payment?
    Officially, all eligible people should have received both of their Economic Impact Payments. However, there is often a large divide between “should” and “actually happened”. The IRS acknowledges this and is ready to help. If you feel you missed a payment or did not receive the amount that you were expecting, you can apply for the Recovery Rebate Credit. You can enter this application when filing your 2020 tax return. To find out more about this filing, visit the IRS here.
  2. A Free Option For Filing Your Taxes
    The IRS has made a big media push this year to inform tax filers about Free File. Free File is an online program hosted by the IRS which allows users to file their taxes for free with the help of online software. The user gets to choose which software platform is best for their needs and will then be guided through the entire filing process. The different platforms have different features but almost all of them will lead you step-by-step and help you get the deduction you deserve. Many of them allow for free state tax filing as well. You can get started with Free File here.
  3. Ghost Preparers Can Be Scary
    If you are like most people, you find tax forms confusing and prefer for a professional to handle the filing. That’s perfectly acceptable and there is no reason not to get the best help possible. However, the individual or organization you use should be legitimate. The IRS reports an uptick in “ghost preparers” – people who don’t sign the tax forms that they help fill out. By law, any paid preparer must have a valid Preparer Tax Identification Number and sign the forms they prepare. Ghost preparers often overcharge their clients and may not perform an acceptable filing. If you do need help with tax filing, contact the IRS or ask somebody you trust for a recommendation.  

Got Questions?

Speak with a Self-Directed IRA Specialist.
Blog Pages Right Side Contact Form (#11)

You've got questions? We've got answers.

Fill out our form below, and a Self-Directed IRA Specialist will answer all of your questions. 
All Pages Bottom Contact Form

By providing a telephone number and submitting the form you are consenting to be contacted by SMS text message. Message & data rates may apply. Reply STOP to opt out of further messaging.

Corporate Headquarters:
Madison Trust Company
401 East 8th Street • Suite 200
Sioux Falls, SD 57103
Mailing Address:
Madison Administration Company
One Paragon Drive • Suite 275
Montvale, NJ 07645
Monday - Thursday: 9:00AM - 6:00PM EST
Friday: 10:00AM - 4:00PM EST
Saturday/Sunday: Closed
(800) 721-4900
[email protected]
F: 845-947-1212