Five things you must know for your 2020 tax return.
After a year full of uncertainty, we have finally arrived at that moment in time where your tax return is just around the corner. Recently, the IRS shared some reminders to keep in mind:
ONE
Choose Direct Deposit 💻
We recommend you choose direct deposit for your return, this is a free service and the most secure, precise, and fastest way for you to get your return.
TWO
Don’t forget about EITC 💵
We remind you that the EITC or Earned Tax Income Credit can give you a significant financial boost. The EITC no only helps you reduce your taxes due, but also can bring you a return if you do not owe any taxes or if you are not required to fill out a tax declaration. You can be one of the qualified workers with low to moderate income that benefit from this credit.
THREE
Unemployment Benefits
As you know, during 2020, millions of Americans received unemployment benefits. This benefit is taxable and it must be included as part of your net income. For more information, you can visit the official website of the IRS
FOUR
Don’t forget form 1095
Also known as the Health Marketplace Declaration, this form is an important document for your 2020 tax declaration. This document contains important information about your Marketplace plan for you and your household members that includes:
- Paid Fees
- Tax credits used for such fees
- An amount called “Second lowest cost Silver Plan (SLCSP)” that you will use to “adjust” your tax declaration
Remember to keep this form and other important tax documents, like your W-2, which you will receive from your employer. This form could arrive by mail starting the first days of February 2021. For more information or to download this form electronically, you can visit Healthcare.gov or schedule a free consultation with Texas Medical Care Plans by calling (855) 428 0974.
FIVE
You can get free help!
Paperwork is always complicated and somehow stressful. If you wish to get free advise and help with your 1095 or need help with your health insurance, don’t hesitate to contact us. You can call us at (855) 428 0974, or send us a message via our contact form
