Things to remember as tax season gets underway

WASHINGTON —Albert Einstein once said, “The hardest thing to understand in the world is the income tax.”

Tax season is upon us, and you may be weighing whether to do your own taxes or to have someone else do the job.

If you choose to enlist the help of an expert, CPA Constance Nwosu with CN Accounting and Management Consulting Services, says the first step is to find someone credible. The next …

“Someone who has registered with the IRS and has a PTIN number, which is a tax preparer identification number issued by the IRS,” says Nwosu. “You also want to find someone who — if your tax return is questioned — is going to be there with you to answer those questions from the IRS.”

You have more time to file your taxes this year. This year, April 15 — the usual tax filing day — falls on Emancipation Day, so the tax filing deadline for most people has been extended to Monday, April 18.

Also, tax penalties related to the Affordable Care Act are going up.

“One thing to remember for this year is the health insurance,” Nwosu says. “Everyone is required to have health insurance, either through your employer or that you purchase in the marketplace.”

Nwosu says you’ll want to ensure you check that off when filing your tax return, or you may face a penalty, which will be calculated once you file.

The penalty is now $325 or 2 percent of income, whichever is greater.

November 29, 2020 | WTOP’s Stephanie Gaines-Bryant talks tax season with CPA Constance Nwosu

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