BECKLEY, WV (WVNS) — Friday, Feb. 12, 2021 marked the first day the IRS will process tax returns. Tax accountants, like Tony Martin, reminded taxpayers to have all the proper documentations when filing, including W2s, social security cards, and identification. He explained there are some things people still forget to do.
“Make sure you include all of your income,” Martin said. “Worse case scenario, you don’t include it all. You get a larger refund than what you are entitled to. Once the IRS determines that that income was not included in your return… 99.9% of the time they will discover that. You now owe an IRS bill.”
Parents also need to remember to bring documentation for their children, including their birth date and social security number.
“Taxpayers also need keep in their records proof that their dependents lived with them throughout the year,” Martin said. “In order to claim a dependent on the tax return you have to show that you provided half of their support and they were a member of your house hold.”
College students and graduates with student loans need to have a tax form for them, even with the pandemic deferring payments.
“If you’re making payments on your student loan, then most likely you received a student loan interest statement,” Martin said. “Some people will forget about that because of the pandemic. Your payments have most likely been in forbearance, but there was a portion of the year where you were making payments. So that student loan interest is a deduction.”
The last day to file 2020 taxes is Apr. 15, 2021.