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Welcome to Do It Right Tax

Do you need help filing your taxes? Greg Crockett at Do It Right Tax can sit down with you so you have peace of mind that your taxes are filed correctly. Greg habla español.
Call (801) 829-7072 today to schedule an appointment!
DO IT RIGHT TAX IS A HOME-BASED INCOME TAX PREPARATION SERVICE THAT HANDLES EVERYTHING FROM COMPLICATED TAX FILINGS TO THE MORE BASIC RETURNS. IT DOESN’T MATTER WHETHER YOU ARE MARRIED WITH CHILDREN, SINGLE, A BUSINESS OWNER, OR SELF-EMPLOYED — GREG KNOWS WHAT TAX FORMS TO FILL OUT AND ALL THE TRICKS TO SAVE YOU THE MOST MONEY OR GET YOU THE BIGGEST LOL RETURN. PLUS, HE IS COMPLETELY CERTIFIED WITH A MASTER’S DEGREE IN ACCOUNTING.
Greg can prepare your taxes for paper mail-in or submit them to the IRS online for you. Do It Right Tax is an Authorized E-file Provider and your information is always secure and confidential.
Greg takes clients during the evenings throughout the tax season and on an as-needed basis the rest of the year. He can meet with clients in Utah but is certified to help anyone in the US with their taxes. If you are unable to come to Sandy, UT, he can complete your taxes via email, phone, and fax. Call Greg at (801) 829-7072 or email Greg@doitrighttax.com to schedule a tax online gaming preparation appointment and discuss your options. (Se habla español.)

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Advance Child Tax Credit Payments in 2021

Congress authorized expansion of the child tax credit from $2,000 per child dependent to $3,000 for children aged 6-17, and for those children aged 5 and under, $3,600. While plans and methods aren’t finalized, many people will be receiving a portion of that in advance starting in July. The actual process isn’t finalized yet, but it is apparent that in order to receive a monthly payment for your children, you will not have to do anything, as it will be based on your last tax return filed. If you don’t want the monthly, you will need to opt out.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

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CARES ACT

After the Coronavirus pandemic was declared, congress passed some legislation that was intended to help us. Many of us remember receiving a stimulus payment that was up to $1,200 per adult and $500 per dependent child. That could have added up to a pretty penny. Some individuals are in the situation that they may not have received their full share. It gets a bit complicated, as that stimulus payment was actually an advance payment of a credit allowed on the 2020 Tax return that we have yet to file in 2021.

https://www.thetaxadviser.com/issues/2020/jul/coronavirus-recovery-rebates-pitfalls-opportunities.html

This link shows how you can claim the remainder of the stimulus payment if you received less than you should have. Remember, however, that the credit is phased out as you approach higher incomes, ($150,000 for married filing joint). The credit is based on your 2020 income. Some planning may be needed to ensure you get the most you can.

As you get ready for filing the 2020 tax return in early 2021, remember that you will need the amount of your stimulus payment so you can reconcile it to determine if you are owed more, or if you actually got more than you should have. HOWEVER, there is a provision in the law that states that if you received too much, you will not be required to pay it back.

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Coronavirus affects tax return filing in 2020

October 15 is the filing deadline for those who requested an extension

Taxpayers who requested an automatic filing extension should complete their 2019 tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options, including IRS Free File, are still available. Although Oct. 15 is the last day for most people to file, some may have more time. They include:

  • Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. For details, see tax information for members of the military.
  • Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

Tax Deadlines Postponed to July 15, 2020

Most federal tax filing and payment deadlines from April 1, 2020, to July 14, 2020, are postponed to July 15, 2020. The postponements are automatic and apply to all taxpayers. You do not need to file other forms or call the IRS to qualify. Find detailed information in Filing and Payment Deadlines Questions and Answers.

If you need more time to file after the new July 15 deadline, or to file a form with a different deadline date, you may request a filing extension.

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Home Office Deduction

In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction).
The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.
“This is a common-sense rule to provide taxpayers an easier way to calculate and claim the home office deduction,” said Acting IRS Commissioner Steven T. Miller. “The IRS continues to look for similar ways to combat complexity and encourages people to look at this option as they consider tax planning in 2013.”

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Missing Your W-2?

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no later than January 31, 2020 (if mailed, allow a few days for delivery).
If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2.
If you still do not receive your W-2 by February 15th, contact the IRS for assistance at 1-800-829-1040 or get in touch with the IRS Audit Group. When you call, have the following information handy:
• the employer’s name and complete address, including zip code, and the employer’s telephone number;
• the employer’s identification number (if known);
• your name and address, including zip code, Social Security number, and telephone number; and
• an estimate of the wages you earned, the federal income tax withheld, and the dates you began and ended employment.
If you misplaced your W-2, contact your employer. Your employer can replace the lost form with a “reissued statement.” Be aware that your employer is allowed to charge you a fee for providing you with a new W-2.
You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by the tax filing deadline, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement (available on the IRS website), but it will delay any refund due while the information is verified.
If you receive a corrected W-2 after your return is filed and the information it contains does not match the income or withheld tax that you reported on your return, you must file an amended return on Form 1040X, Amended U.S. Individual Income Tax Return.
If you have questions about your Forms W-2 and 1099 or any other tax-related materials, please call or email our office.