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The 2020 tax season was like one we’ve never seen before. Due to the extenuating circumstances caused by COVID-19, the IRS changed many aspects of our tax code. While these changes were mostly beneficial, they also made tax season much more complicated than usual.
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How do you file for an extension?
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Did you file electronically or by mail?
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One of the main and most common deductions that landlords can claim on their tax returns is for repairs, maintenance, and improvements to their property. The IRS has published guidelines on what qualifies for this deduction. It is important to note that deductions differ for all three. Here are the differences:
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You are responsible for paying your own state and federal income taxes.Since you are an independent contractor, you don’t have an employer that will automatically take your state and federal income taxes out of your paycheck. This means that you are responsible for paying these funds directly to the government. However, if you live in any of the following states, you don’t have to worry about state income taxes.
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Figure out your total medical expenses for the year.