Teipen Selanders Poynter & Ayres recommends you keep your Economic Impact Payment notice
Posted on August 12, 2020
Those who received an Economic Impact Payment this year should definitely keep Economic Impact Payment Notice 1444 with their tax records, recommends Teipen Selanders Poynter & Ayres CPAs.
This notice not only provides information about the amount of your payment, but also how the payment was made, when it was sent, and how to report any payment that wasn’t received.
For security reasons, the IRS mails this notice to every recipient’s last known address within 15 days of the payment. It’s especially important for you to keep this notice if you think your payment amount was wrong. That way, when you file your 2020 tax return, you can refer to Notice 1444 and claim additional credits, if you are eligible for them.
Add this form to your ongoing tax file of employer W-2s, W-9s, unemployment forms, bank statements, financial documents, mileage, business deductions, donations, and any virtual currency transaction records.
How long do you need to keep past tax returns and supporting documents? Teipen Selanders Poynter & Ayres recommend all taxpayers keep a copy of past tax returns and all supporting documents for at least five years.
You may need to refer to key information from your prior year’s return as you file next year – so keep 2019 information handy. Life changes like employment, marital status, births or deaths, and financial gains or losses can affect a tax refund or the amount of taxes a person may owe from year to year.
If your business or employment status changes dramatically or you have questions about your tax filing status, don’t wait to talk to us. Give us a call now so we can evaluate your tax status before the end of the year to avoid over or under withholding.