March is often the considered the “crunch time” for tax preparation. This is a time when missing documents and other tax forms should be tracked down in order to give the information to your tax preparer as soon as possible for filing by the April 15th deadline.
If you plan to utilize one of the tax software programs on the market, be sure to review the requirements so that you have what you need when you are ready to file.
This is also a good time to contribute to an IRA for 2020 prior to the deadline of April 15th 2021.
Many Health Care Flexible Spending Accounts have a March deadline for filing claims from the previous year. Make sure you check your records and add up all of your eligible health care expenses for reimbursement. Due to the Covid19 Relief bill signed into law in December 2020, there may be some extensions and other changes. Contact your FSA administrator if you have questions.
Two major tax bills were passed in response to the COVID-19 pandemic, which could have an effect on your 2020 taxes.
Looking forward
Now is also a great time to look forward for 2021. It is never too late to set your financial goals.
Now may also be the time to check your credit scores. Typically you can check reports free of charge once a year, but the big credit bureaus are allowing consumers to check them free weekly, through April. You can check reports free of charge at annualcreditreport.com.
Free Application for Federal Student Aid (FAFSA)
The 2021–22 FAFSA form is here! Some states and schools have limited funds, so don’t delay! To begin your application, select the “START HERE” button on the FAFSA page. Many states have early filing deadlines.
