Income Taxes 101: What You Need to Know When Filing Your 2020 Taxes

By: Tori Berube, Director of Marketing & Outreach

This year, federal income tax filing season begins Friday, February 12th, after being delayed due to the passing of December’s COVID-19 stimulus bill. And yes, income tax forms still need to be filed by April 15th! 

Cary Gladstone, the Senior Director of Asset Building Strategies for New Hampshire’s Granite United Way, recently joined us to talk through the basics of income tax filing and what is different in 2020.  Join Cary as he:

  • Defines the five tax filing statuses 
  • Reviews standard deductions versus itemizing
  • Explains various tax credits such as the Earned Income Tax Credit, child tax credits and other dependent tax credits
  • Outlines other items which may impact your 2020 taxes, including COVID-19, unemployment and stimulus payments
  • Reviews the documents needed to file income taxes
  • Encourages participants to think of tax time as “savings time”

Cary also shares information on how many New Hampshire residents may qualify for free tax filing services. Listen in today.

For additional information on filing your 2020 federal income tax return, click here.

For additional information on cryptocurrency, click here.

For additional information on what the IRS provides on H-1b status tax filers, click here.

 A Journey to Personal Financial Success

Standards of Financial Literacy (SFL), MFF’s signature program, supports the concept of personal financial freedom by giving participants of all ages the insight to set goals, track net worth and apply acquired knowledge. This online, self-paced program is ideal for individuals and groups alike.

Upon successful completion of SFL’s six-module course, participants become an MFF Fellow. Becoming an MFF Fellow is the ticket to access additional MFF courses and opportunities for mentoring, networking, internships and real-world projects. These are the opportunities which allow MFF Fellows to continue their journey to personal financial success.

To learn more about this exciting program, click here. 

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest