Home > Working on our taxes

Working on our taxes

January 24th, 2021 at 06:12 pm

I spent some time this weekend starting to organize everything for our taxes. I made an appointment to drop things off to our CPA on February 24, so I've got time, but I don't want to wait until the last minute.

We haven't gotten all of the paperwork yet but there was enough I could do with what we already have.

The good news so far is that our taxable capital gains were lower in 2020 by about $3,400 so that will lower our tax bill. Also they are allowing $300 of charitable donations to be deducted for 2020 even if you don't itemize, so we'll get to take advantage of that. And that doubles to $600 for 2021 for those filing a joint return.

Otherwise, things should be pretty much the same as last year. With the lower CG and the charity deduction, we'll hopefully owe less and/or even get a small refund. We owed a little over $900 last year.

3 Responses to “Working on our taxes”

  1. rob62521 Says:

    Good plan to get things together so when you can drop your tax stuff off, you won't be frantically looking for things. I keep an accordion folder and place things in it throughout the year, and then before we take our taxes, I organize everything with paper clips and cover sheets.

  2. terri77 Says:

    I uploaded everything but my mortgage interest into my HR Block account this week. I have an appt on February to meet with my dad. I had four W-2’s and a 1099 this year so he’ll have plenty to work through this year!

  3. disneysteve Says:

    rob62521, I do the same thing. I'm very organized throughout the year with a file of everything tax-related. I also highlight any tax-related checking account and credit card transactions on the statements each month. In January, I sit down and compile it all so that I have the totals ready when it's time to file.

    I think the only thing I'm missing is a few 1099s. I got my W-2 today. We usually get an email when they're available and we didn't but when I logged in, it was there. And I downloaded my Ally 1099 a couple of days ago. I may be able to download the others too but I haven't gotten the paper copies yet. No reason to waste my own paper and ink when they're going to send them to me.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]