139th News

Coping with Financial Issues of COVID-19 - Part 46

  • Published
  • By Randy Gerard, Personal Financial Counselor

This month’s Tidbit will follow up on last month’s focus on income tax filing. Many of you could have experienced notable changes in income, deductions, etc., so please note the tax filing items I suggest. As always, contact me with any additional questions.

In Addition to Military One Source, Don’t Overlook IRS Free File!
COVID Tax Tip 2021-15, February 8, 2021

Families are often looking for ways to save money. One way they can do this is by using IRS Free File to do their taxes. Free File offers online tax preparation, direct deposit of refunds and electronic filing, at no cost.

Not only can IRS Free File save families money, the software can help them find tax benefits that can reduce the amount of tax they owe or increase the amount of their refund. Here are some things for these taxpayers to know about Free File and these tax benefits that can put money in their pockets.

Did You Have to Pick Up a Side Job, Gig, to Make Ends Meet in 2020?
COVID Tax Tip 2021-21, February 18, 2021

In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it's a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes. The bottom line is taxpayers must report gig economy income on their tax return.

Click here for further information.

Should You Itemize or Take the Standard Deduction? Don’t Make an Automatic Decision!
COVID Tax Tip 2021-22, February 22, 2021

Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.

Most taxpayers have a choice of either taking the standard deduction or itemizing their deductions. The standard deduction may be quicker and easier, but, itemizing deductions may lower taxes more, in some situations. It's important for all taxpayers to look into which deduction method best fits them.

Don’t hesitate to reach out by phone, text, email or ask for a private Zoom session for you or your family members. Be Vigilant and STAY SAFE!

Randy Gerard, PFC
C (573) 415-6934
O (816) 236-3659

This week’s thought: “The wages of sin are death, but by the time taxes are taken out, it’s just sort of a tired feeling.” ~Paula Poundstone