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2020, 2021 Tax Break, Credit Deadlines

The Tax Year ends on December 31.

Before you prepare and e-file your 2020 federal and state Tax Return on eFile.com, you may want to ask yourself this question:

"How can I save money on my taxes?"

There are three ways you can save money on your taxes:

  1. Spend less money on everyday purchases throughout the year. Use our simple day-to-day money saving tips for frugal living and maximize your monthly budgets!
  2. Update your paycheck withholding on your federal Form W-4 and receive your tax refund money now or owe less tax when you file your next tax return. Use the free eFile.com Tax Withholding Assessment Tool to find out how much tax to withhold and reach your tax goals!
  3. Claim tax breaks you qualify for on your tax return by December 31.

Tax Breaks By December 31

You can eFile your 2020 Tax Return beginning in January 2021. It is important to consider which tax credits and tax deductions you can claim on your 2020 Tax Return before 2020 ends. For example, if you have a child born on January 1, 2021, you cannot claim the Child Tax Credit on your 2020 Tax Return; you would have to wait until the beginning of 2022 to claim the credit on your 2021 Tax Return.

Here's something else to consider: the values for each tax credit or tax deduction often vary by Tax Year. Once the value of a credit or deduction for a Tax Year expires (let's say 2016), you can only claim that value on a 2016 Tax Return; you cannot claim 2016 values on a 2020 Tax Return.

This is why we strongly recommend tax return planning throughout the year in order to take advantage of as many tax credits and deductions you qualify for by the end of the year.

Avoid Surprises by using the eFile.com Tax Calculator and Tax Refund Estimator!

2020 Tax Calculators and Tools

2020 Tax Credits and Deductions

Review all the tax credits and tax deductions you may qualify to claim on your 2020 Tax Return.

There are tax breaks that are officially expired. This means that under current law, none of these credits and deductions are available to claim on 2020 Tax Returns. Our expired tax laws page provides details on these tax breaks.

We will update our site with the latest information on tax breaks as soon as any official announcements are made. Stay up to date on the latest tax law changes with eFile.com!

More Tax Planning and Help

 

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