In this episode, Dan & Ian outline key tax tips for your 2020 tax return. It is important to keep note of these deductions to ensure that you aren't missing out on money owed to you. They breakdown how to capture these credits and what your availability is for them. As always, this is not tax advice, please consult your CPA. If you are looking for a CPA, our firm, Trout, James & Associates is accepting new clients. Please give the office a call at 610-489-3200. 

1. $300 charitable contribution deduction (above-the-line, which reduces taxable income)
2. Home office deduction (allows you to deduct portions of home expenses if you work from home)
3. Unreimbused Employee Expenses (expenses not paid for by your employer)
4. Cares Act IRA Withdrawals (allows you to take out $100,000 from IRA if you can prove you were adversely affected by COVID-19)
5. Recovery Rebate Credit (allows you to recoup prior stimulus checks)

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