Tax Tools

*Refunds for those with earned income tax credit will start to be released around February 22nd.

FILING DATES:

  • Jan. 11, 2021:Deadline for employees who earned more than $20 in tip income in December 2020 to report this income to their employers on Form 4070
  • Jan. 15, 2021: Deadline to pay the fourth-quarter estimated tax payment for tax year 2020
  • Feb. 1, 2021: Deadline for employers to mail out W-2 Forms to their employees and for businesses to furnish 1099 Forms reporting non-employee compensation, bank interest, dividends, and distributions from a retirement plan
  • Feb. 1, 2021: Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC, if the sender is reporting payments in boxes 8 or 14
  • Feb. 1, 2021: Deadline for catching up on unpaid fourth-quarter estimated taxes without additional penalties by filing 2020 tax returns
  • Feb. 10, 2021: Deadline for employees who earned more than $20 in tip income in January 2021 to report this income to their employers
  • Feb. 15, 2021 – Feb. 28, 2021: Those who have EIC will start to receive their refunds.
  • March 1, 2021:Deadline for businesses to mail Forms 1099 and 1096 to the IRS
  • March 2, 2021:Deadline for farmers and fishermen to file individual income tax returns
  • March 10, 2021: Deadline for employees who earned more than $20 in tip income in February 2021 to report this income to their employers
  • March 15, 2021: Deadline for corporate tax returns (Form 1120-S) for tax year 2020, or to request an automatic six-month extension of time to file (Form 7004) for corporations that use the calendar year as their tax year, and for filing partnership tax returns (Form 1065) or to request an automatic five-month extension of time to file (Form 7004)
  • March 31, 2021:Deadline for businesses to e-file Forms 1099 and 1096 to the IRS, except Form 1099-NEC
  • April 12, 2021: Deadline for employees who earned more than $20 in tip income in March 2021 to report this income to their employers
  • April 15, 2021: Deadline to file individual tax returns (Form 1040) and C Corporation (Form 1120) for the tax year 2020 or to request an automatic extension (Form 4868) for an extra six months to file your return, and for payment of any tax due
  • April 15, 2021: Deadline for household employers who paid $2,200 or more in wages in 2020 to file Schedule H for Form 1040
  • April 15, 2021: Deadline for first-quarter estimated tax payments for the 2021 tax year
  • May 10, 2021: Deadline for employees who earned more than $20 in tip income in April 2021 to report this income to their employers
  • June 10, 2021: Deadline for employees who earned more than $20 in tip income in May 2021 to report this income to their employers
  • June 15, 2021: Deadline for second-quarter estimated tax payments for the 2021 tax year
  • June 15, 2021: Deadline for U.S. citizens living abroad to file individual tax returns or file Form 4868 for an automatic four-month extension
  • July 12, 2021: Deadline for employees who earned more than $20 in tip income in June 2021 to report this income to their employers
  • Aug. 10, 2021: Deadline for employees who earned more than $20 in tip income in July 2021 to report this income to their employers
  • Sept. 10, 2021: Deadline for employees who earned more than $20 in tip income in August 2021 to report this income to their employers
  • Sept. 15, 2021: Deadline forthird-quarter estimated tax payments for the 2021 tax year
  • Sept. 15, 2021:Final deadline to file corporate tax returns for tax year 2020, if an extension was requested (Forms 1120, 1120-A, 1120-S)
  • Oct. 12, 2021: Deadline for employees who earned more than $20 in tip income in September 2021 to report this income to their employers
  • Oct. 15, 2021: Final extended deadline to file individual tax returns for the year 2020 (Form 1040)
  • Oct. 15, 2021:Deadline for taxpayers who earned $69,000 or less in adjusted gross income (AGI) for tax year 2020 to use Free File to prepare and file their returns
  • Nov. 10, 2021: Deadline for employees who earned more than $20 in tip income in October 2021 to report this income to their employers
  • Dec. 10, 2021: Deadline for employees who earned more than $20 in tip income in November 2021 to report this income to their employers

EARNED INCOME CREDIT

Single, head of household & Qualifying Widow(er) Maximum EIC Amount
With No Children
$538
With One Child
$3,584
With Two Child
$5,920
With Three or More Children
$6.660

Child/other dependents Tax Credit

Child tax credit is $2,000 per child under age 17  in 2020 as of the end of the year. Phase out of the credit begins at Modified Adjusted Gross Income (MAGI) of $400,000 for MFJ & $200,000 for all other filers. As much as $1,400 of the child tax credit is subject to refund in 2020. There is also an additional $500 nonrefundable credit for qualifying dependents other than children.

2020 Federal Tax Bracket

Rate For Unmarried Individual, Taxable Income Over For Married Individual, Taxable Income Over For Heads of Households, Taxable Income Over
10%
0$
0$
0$
12%
$9,875
$19,750
$14,100
22%
$40,125
$40,125
$53,700
24%
$85,525
$171.050
$85,500
32%
$163,300
$326,600
$163,300
35%
$207,350
$414,700
$207,350
37%
$518,400
$622,050
$518,400
Standard Deductions 2020 2019
Single & Married Filling Separately
$12,400
$12,200
Married Filling Jointly & Surviving Spouse
$24,800
$24,400
Head of House Hold
$18,650
$18,350
Aged 65+ or Blind (MFJ/Single)
$1,300 and $1,650
$1,300 and $1,650