Question

How do I go about preparing my 2020 taxes and learning what will be involved and how best to track things moving forward rather than looking back on and filing for 2019?

Forum|Forum|6 years ago
March 24, 2020
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TurboTax Live Self Employed

For 2020 you need to keep track of the same types of items you have on your 2019 return. Things do change with your taxes from year to year, but often people have many similar tax situations from year to year.

Any Tax Documents you receive are important to keep.

If you are Self-Employed you want to make sure that you keep receipts from all of your business expenses, a mileage log, for use of your car, information about your business cellphone usage.

If you are Self-Employed, make Estimated Tax Payments based on the profit from your business. The Estimated Payments are due July 15, Jun 15, Sept 15 and Jan 15.

@anniescor

[Edited 03/27/2020 5:07 am PST]

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N

NCPERSON1

Also, watch the news summaries for the CoronaVirus bill that is about to be passed by Congress. There is always the possibility that there is something in there that has an impact on your taxes.