Looking for Help With Your Taxes? Here’s Everything You Need To Know

A woman sits at her dining room table with laptop and financial reports doing her monthly budget.
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Believe it or not, tax season is already upon us: The IRS began accepting and processing 2020 tax year returns on Feb. 12.

Filing your taxes correctly and on time can be a stressful process. Fortunately, GOBankingRates has all of the resources you need to ensure your smoothest tax season possible.

Getting Started

Whether you’ll be doing your own taxes or getting professional help this year, there are certain things all tax filers must know. Find out:

What To Know If You’re Doing Your Own Taxes This Year

If you’re taking a DIY approach, make sure you’re aware of everything you will need to do to file your taxes completely and correctly — especially if your life circumstances changed in 2020.

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Know What Tax Credits, Breaks and Deductions You Qualify For

To get the biggest refund possible — or lower the amount you will owe — make sure you are taking advantage of all of the tax credits and tax breaks you are eligible for. Depending on your circumstances, you may qualify for more credits than in years past — so you want to make sure you don’t miss out. You also need to know what deductions you are eligible for if you choose to itemize your taxes.

Avoid Common Mistakes

Making a mistake on your tax return can result in a dreaded audit. But, if you’re prepared, you can avoid having to deal with this unwanted hassle.

Understand What the New Presidency Means for Your Taxes

In 2017, former President Donald Trump passed the Tax Cuts and Jobs Act, a major overhaul of the existing tax code. However, President Joe Biden announced during his campaign that he would reverse certain elements of the Tax Cuts and Jobs Act. Find out what Trump’s tax policy has meant for taxpayers, and what changes could be coming under Biden.

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About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 
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