• Skip to primary navigation
  • Skip to main content
  • Skip to footer
It Figures Tax Services Inc.

It Figures Tax Services Inc.

Client Portal
Make a Payment
978 562-2970
  • Home
  • About
  • Services
    • Tax Problem Resolution
    • Tax Preparation & Planning
    • IRS Account Monitoring
  • Resources
  • Blog
  • Contact Us

Benefits to Filing Taxes for 2020

June 15, 2021 by Scott Alving

I don’t have to file a tax return this year!  Sweet!!

My tax preparer said I don’t need to file a tax return this year, so why should I?  Some people don’t need to file because their income is lower than their standard deduction, but here are a few reasons why you should file for the current year.

  1. Federal Income Tax Withheld: You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
  2. Earned Income Tax Credit: You may qualify for EITC if you worked but did not earn a lot of money. EITC is a refundable tax credit, which means you could qualify for a tax refund. To get the credit, you must file a return and claim it.
  3. Additional Child Tax Credit: This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
  4. American Opportunity Credit: Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent (40%) of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.
  5. Adoption Credit: You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child.
  6. Stimulus payment/ Economic Stimulus Payment (EIP): If you didn’t receive any or some of the 3 stimulus payments in 2020 and 2021, your maybe eligible if you file a tax return and you will get the stimulus money as a nontaxable tax refund.

Upcoming Due Dates:

June 15th

  • Second quarter estimated tax payment due.

Sept 15th

  • Partnerships and S-Corps that were put on extension are now due.
  • Third quarter estimated tax payment is due.

Oct 1st

  • Estates/trusts that filed an extension are due.

Oct 15th

  • Individual tax returns (Form 1040) are due for taxpayers who filed an extension.
  • C-Corporation tax return is due for C-Corporations that filed an extension.

Ancient taxes from around the world

Pecunia non olet is a Latin saying for “Money Doesn’t Stink!”. During the 1st Century AD, Roman Emperor Vespasian placed a tax on urine!! The buyer of the urine paid the tax. The urine from the public urinals was sold as an essential ingredient for several chemical processes. It was used in leather tanning, wool production and by launderers as a source of ammonia to clean and whiten woolen togas.

Filed Under: Uncategorized

Footer

  • Facebook
  • LinkedIn
  • Twitter

84 North Shore Drive
Stow, MA 01775
Phone: 978 562-2970
Fax: 978 212-5690
Email: scott@itfigurestax.com

Contact Us
  • About
  • Tax Problem Resolution
  • Tax Preparation & Planning
  • IRS Account Monitoring
Make a Payment
Client Portal

Copyright © 2023 It Figures Tax Service, Inc. · Web Development by Big Sky Web Solutions
Privacy Policy · Terms of Service · Disclaimer

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT