Everything You Need for the 2020-2021 Tax Season

Tax season is here. But with major paper delays and a giant backlog of unopened returns at the IRS, as well as several COVID-19 stimulus payments to account for, 2021 is set to be another unusual year for taxpayers.

Even during “normal” years, taxes are inherently stressful. This tax season could be even harder thanks to the unprecedented challenges faced by both taxpayers and the IRS.

The good news? You don’t have to go through it alone. Boxelder’s team of tax experts and accountants can help file your tax returns accurately and on-time, while maximizing your savings.


What You Gain When You Partner with Boxelder

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Everyone has the ability to prepare and file their own tax return. But when you hire the team at Boxelder, you can rest a little easier, knowing that  experienced professionals are working to minimize your tax bill. It’s our job to stay completely up-to-date on the tax code. Working with us means tapping into a wealth of knowledge, and using it to your advantage.

Not only will this provide you with peace of mind; it will provide real savings. Licensed professionals can help you take advantage of credits and deductions and, thus, maximize your refund.

Reach out today for a free consultation. We’ll review your tax situation and see if Boxelder is right for you!


Boxelder’s Resources for Tax Season

Preparing your taxes can be a confusing process. And with so much information out there, it can be hard to know where to start. That’s why we’ve compiled a list of useful resources to make tax season easier.

Tax Accounting Resources: 

Guide to Small Business Tax Prep – Small businesses have unique challenges during tax season. Here’s how you can determine the best structure for your business, compile and organize your records, and file the correct forms on time.

Guide to Individual Tax Prep – Find out how you can prepare your individual taxes accurately and efficiently. Maximize your deductions — and your savings.

Tax Deadlines – Stay one step ahead of the IRS by marking your calendar with these important tax deadlines.

Tax & Refund Calculator – Get an accurate estimate of what you’ll owe or what sort of refund you should expect. All you need is your filing status, dependent status, taxable income, federal and state withholdings, and deductions.

Individual Tax Prep Checklist – This checklist will ensure you have the information and forms you’ll need before getting started on your taxes

Small Business Tax Prep Checklist – This list will ensure you have what you need before filing your business’s taxes.

Where’s My Refund? – The IRS offers a free online tool that lets taxpayers check the status of their tax refund. Try it out here.

Tax Code – The U.S. Tax Code contains literally thousands of sections outlining the rules of federal income taxation. This resource organizes the tax code into sections that are easier to understand.

State Taxing Authorities – Find your state’s official taxing authority from our list here

Tax Credits and Incentives – There are countless opportunities for claiming tax credits and reducing your tax bill — are you taking advantage of them?


Explore Our Tax Insights Blog

1099 Vs. W-2 Employee: What’s the Difference? – A W-2 employee has their taxes withheld by their employer; a 1099 does not. Depending on your tax withholdings, you could end up with a hefty refund, or a bill from the IRS.

What are the Federal Income Tax Brackets for 2020 and 2021? – Learn how to calculate your marginal income tax rate by using tax brackets. You’ll need to know both your taxable income, and your filing status.

Bet on GME Stock? Here’s How Your Earnings (or Losses) are Taxed – Capital gains are considered part of your taxable income. Capital losses can reduce your taxable income up to $3000. Here’s what you need to know if you decide to sell stock, and need to record a capital gain or loss.

Bitcoin & the IRS: Here’s What Your Cryptocurrency Holdings Mean for Tax Season – Cryptocurrency is considered “intangible property” by the IRS. Depending on how it is obtained, spent, or sold – cryptocurrency transactions can be considered income, or capital gains/losses.

Tax Deductions You May Not Know About – Knowing which deductions you qualify for can help you determine whether to take the standard deduction or itemize your deductions.

Can W-2 Employees Deduct Work-From-Home (WFH) Expenses on their 2020 Tax Returns? – Certain types of employees can, but only if a set of qualifications are met.


Contact Boxelder 

If you have any questions at all about the tax filing process, don’t hesitate to reach out to our team. Even if you just need a little advice, we’d be happy to give you a free consultation.

Sometimes, all you need is the peace of mind that you’re making the right decision. We hope we can provide that to you.

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About the Author

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Dave Weishaus

Co-Founder, Tax Advisor, Business Consultant

Dave Weishaus, co-founder of Boxelder Consulting and Tax Relief, has over 20 years of small business consulting and tax advisory experience. He has a law degree from the University of Baltimore and completed undergrad from Johns Hopkins University with a focus on International Business and East Asian Studies. Now, Dave specializes in financial consulting, tax planning, and general administrative services. Dave’s favorite part of working at Boxelder Consulting is working with start-ups and sharing in the excitement of launching a new venture. Dave is the proud father of Moses, a gentle 200lb St. Bernard.

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