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.
January 24th, 2021 at 07:03 pm 1611515027
January 24th, 2021 at 10:44 pm 1611528266
January 24th, 2021 at 10:55 pm 1611528949
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.