By Sally Adams
Feb 10, 2021
2020 W2s are out. So - should you do your own taxes, or give them to a professional? My Tax Guy in Houston s Doug Hord outlines who should be able to complete their own return. This is a person who has a W2 or two, may have some children, and like most people can t itemize any more because the deductions are too high - those people should be fine to do their own returns.
And here s who Hord says should see a pro. People who trade virtual currency like bitcoin, people who have depreciation on business transactions, people who are self employed, people who have taken a 401(k) early withdrawal, people who have bought or sold a house or have had other major life changes [marriage, divorce, baby, bought a business, became self employed etc.] - those people should get professional help.
By Sally Adams
Jan 19, 2021
Visit your HR Department and heck your W-4 form now and avoid a 2021 income tax surprise later. Most Americans haven t seen a W-4 form since the day they started their job. And many were surprised by the lack of tax refund. Doug Hord of My Tax Guy in Houston says the W-4 changed for the 2020 tax year. The goal here is to get all earners who earn less than $200,000 to receive results on their tax return as close to $0 as possible. The IRS is not looking to give refunds or have you owe money. Hord explains you could be projecting extra income and deductions. There s very little wiggle room now. It s almost as if you re filling out a tax return for the year coming up.