As you begin preparing to file your 2020 income tax returns, the IRS shared some important tips. Their first quick tip is to electronically file returns and to choose direct deposit. Since the USPS has had more issues and delays than ever, going electronic is the fastest and safest way to guarantee taxpayers receive their refunds.
The IRS also addresses taxable unemployment compensation, as many people received unemployment compensation for the first time in 2020 due to business closures following the COVID-19 outbreak, and may not know that the compensation must be included on their tax return.
To read all of the IRS’ tips on filing this year, click here.