What Should I Prepare for Filing 2020 US Taxes in 2021?
The Internal Revenue Service encouraged taxpayers to take action to get ready for the upcoming tax filing season. An important step to getting taxes ready is to gather all tax records. Having records organized makes preparing a tax return easier and your accountant can also help discover potentially overlooked deductions or credits.
If taxpayers have the following income documents, they should gather the them as soon as possible and provide these documents to your accountant.
1. Forms W-2 from employers
2. Forms 1099 from banks and other payers
3. Foreign income proof (e.g., Taiwan Income Tax Return)
4. records of virtual currencies
5. Proofs of donating or receiving gift including inheritance, stock and money.
6. Other income including unemployment income, refund interest and income from the gig economy.
7. Form 1099-MISC and Form 1099-NEC
8. Notice 1444, Economic Impact Payment
Besides, if you have the obligation to file FBAR, you’ll also need to gather your foreign bank accounts information. Read our article below to learn more details.
Who Must File the FBAR? : https://www.ustaxproservice.com/blog/fbar
Which Accounts Must You Report on an FBAR? : https://www.ustaxproservice.com/blog/fbar-which-accounts-must-you-report-on-an-fbar
If you want to learn more about filing US tax return
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
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