OWENS TAX SERVICE

Taxpayers that received an IRS 5071c letter will be asked to verify their identity in order for the IRS to process the return. If a return is mailed because of a missing or incorrect Identity Protection PIN (IRS IP PIN) on the e-filed return, you or your client may be also be asked to confirm the Routing Transit Number (RTN) and Deposit Account Number (DAN) listed on the return. Owens Tax Service is here to help.

IR-2017-67, March 23, 2017 WASHINGTON With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not. These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is cal...Continue reading

Here are reasons taxpayers should file a 2020 federal tax return and why e-file is best Most people with gross income of $12,400 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They may also be eligible for certain tax credits, like the earned income tax credit, the recovery rebate credit and others. Pandemic-related tax topi...cs-Here are a few important things for taxpayers to know this year. Anyone who is eligible for an Economic Impact Payment but did not get the payments or did not get the full amount, must file a tax return to claim the recovery rebate credit even if they aren’t normally required to file. Unemployment benefits are taxable. People should watch their mail for a Form 1099-G. In some states, people may be able to get their Form 1099-G from the website where they signed up for benefits. There's a new rule to help people who lost their job or had a change in income in 2020. Filers can use their 2019 earned income to figure their earned income tax credit, if their 2019 earned income was more than their 2020 earned income. This new rule also applies to the additional child tax credit. See more

2020 income limits Those who are working and earn less than these amounts may qualify for the EITC: Married filing jointly:... Zero children: $21,710 One child: $47,646 Two children: $53,330 Three or more children: $56,844 Head of household and single: Zero children: $15,820 One child: $41,756 Two children: $47,440 Three or more children: $50,954 Taxpayers who are married filing separately can’t claim EITC.

2020 Maximum credit amounts allowed The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed: Zero children: $538 One child: $3,584... Two children: $5,920 Three or more children: $6,660 See more