Do now to Get Ready to file 2020 taxes in 2021 怎么准备提交2020年税表

Based on IRS’s instruction and links included here:

There are steps people can take now to make sure their tax filing experience goes smoothly in 2021. First, they can visit the Get Ready page on

Here are a few other things people can do now:

Check their withholding and make any adjustments soon

Since most taxpayers typically only have a few pay dates left this year, checking their withholding soon is especially important. It’s even more important for those who:
  • Received a smaller refund than expected after filing their 2019 taxes this year.
  • Owed an unexpected tax bill last year.
  • Experienced personal or financial changes that might change their tax liability.

Some people may owe an unexpected tax bill when they file their 2020 tax return next year, if they didn’t have enough withheld throughout the year. To avoid this kind of surprise, taxpayers should use the Tax Withholding Estimator to perform a quick paycheck or pension income checkup. Doing so helps them decide if they need to adjust their withholding or make estimated or additional tax payments now.

Gather tax documents and keep them for at least three years
Everyone should come up with a recordkeeping system. Whether it’s electronic or paper, they should use a system to keep all important information in one place. Having all needed documents on hand before they prepare their return helps them file a complete and accurate tax return. This includes:
  • Their 2019 tax return.
  • Form W-2 from employers.
  • Form 1099 from banks and other payers.
  • Forms 1095-A from the marketplace for those claiming the premium tax credit.
  • Form 1099-NEC, Nonemployee Compensation
  • Notice 1444, Your Economic Impact Payment.

Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and virtual currencies. Therefore, taxpayers should also gather any documents from these types of earnings. People should keep copies of tax returns and all supporting documents for at least three years.

Confirm mailing and email addresses
To make sure forms make it to the taxpayer on time, people should confirm now that each employer, bank and other payer has the taxpayer’s current mailing address or email address. Typically, forms start arriving by mail or are available online in January.

Remember these new things when preparing for the 2021 tax filing season
  • Taxpayers may be able to claim the recovery rebate credit if they met the eligibility requirements in 2020 and one of the following applies to them:

     – They didn’t receive an Economic Impact Payment in 2020.
     – They are single and their payment was less than $1,200.
     – They are married, filed jointly for 2018 or 2019 and their payment was less than $2,400.
     – They didn’t receive $500 for each qualifying child.

  • Taxpayers who received a federal tax refund in 2020 may have been paid interest. The IRS sent interest payments to individual taxpayers who timely filed their 2019 federal income tax returns and received refunds. Most interest payments were received separately from tax refunds. Interest payments are taxable and must be reported on 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT, Interest Income to anyone who received interest totaling at least $10.


  1. 检查其预扣并尽快进行任何调整


2. 收集税务文件并将其保存至少三年


3. 确认邮件和电子邮件地址

4. 在为2021年报税季做准备时,请记住这些新事

 -他们是单身,付款少于$ 1,200。
 -他们已婚,共同于2018或2019年提交,付款少于$ 2,400。
 -他们没有为每个符合条件的孩子收取$ 500。


2020 Potential Tax Savings from New Jersey Business Alternative Income Tax (BAIT) 新泽西州PTE所得税为有公司的人省联邦税

On Jan. 13, Governor Murphy signed the Pass-Through Business Alternative Income Tax Act into law. This act allows pass-through businesses to pay income taxes at the entity level instead of the personal level. This helps business owners mitigate the negative impact of the federal SALT deduction cap. It’s estimated to save New Jersey business owners $200 to $400 million annually. And it won’t cost New Jersey a dime because it’s revenue neutral for the state.

Under the act, taxpayers who earn income from pass-through businesses and pay the pass-through business alternative income tax can obtain a refundable gross income tax credit. There is no limit on the deduction of state taxes paid at the entity level under the federal Tax Cuts and Jobs Act (TCJA), only at the individual income level. Currently, pass-through business owners can only deduct up to $10,000 in state and local taxes on their personal income taxes.

For New Jersey tax purposes, income and losses of a pass-through entity are passed through to its members. However, for taxable years beginning on or after January 1, 2020, pass-through entities may elect to pay a Pass-Through Business Alternative Income Tax due on the sum of each of the member’s share of distributive proceeds. The member(s) may then claim a tax credit for the amount of tax paid by the pass-through entity on their share of distributive proceeds. In CINDIE’s opinion, the new options could benefit high income NJ tax payers to Lower individual federal income tax by deducting new jersey business income tax.

For more details, please use the link to find more details on how to filling up the New Jersey PTE tax forms

Or ask help by contacting CINDIE:

CINDIE is a boutique Certified Public Accounting firm and a business consulting company.

Address: 200 Centennial Avenue, Suite 106, Piscataway, NJ 08854

Phone: (732) 896-0272 Email:



  1. Detailed related State Law can be find on this site
  2. New Jersey Business Alternative Income Tax (BAIT) Rate
Sum of Each Member’s Share of Distributive ProceedsTax Rate
First $250,0005.68%
Amount over $250,000 but not over $1 million ($14,187.50 plus 6.52% of excess over $250,000)6.52%
Amount over $1 million but not over $5 million ($63,087.50 plus 9.12% of excess over $1 million)9.12%
Amount over $5 million ($427,887.50 plus 10.9% of the excess over $5,000,000)10.90%

3. New Jersey 2020 Individual Rate

New legislation enacted September 29, 2020, made several changes to the New Jersey Gross Income Tax Act as part of New Jersey’s Fiscal Year 2021 budget. The new law increases the Gross Income Tax rate for income between $1 million and $5 million and provides a new withholding rate for the remainder of 2020. Effective January 1, 2020, the tax rate on that income bracket increases from 8.97% to 10.75%, regardless of filing status. Income over $5 million is already subject to this rate. The New 2020 Rate table could look like this:

Single filing status
Married filing status

Delaware Corporation Annual Filing Requirements 特拉华公司年度申报费用

Per year, the total taxes and fees are $950+ to cover both state and federal requirements.

 For State registration, there are three things you need to do EVERY year:

  • Pay Your Annual Registered Agent Fee to DBI  $100 if needed
  • Pay Your Annual Franchise Tax to your state of incorporation $175 to Delware
  • Complete and file an Annual Report  $50 to Delaware
  • Pay processing fee $125  to CINDIE

For Income tax and tax return with minimal operation,

  • File Form 1120 to IRS based on the letter received when getting FEIN $0
  • File  DE form 1100  $0
  • Pay preparation fee $500


  1. DE Certificate of incorporation
  2. IRS issued EIN number letter
  3. Retainer $500 to potential fees above etc


Address: 200 Centennial Avenue, Suite 106, Piscataway, NJ 08854

Phone: (732) 896-0272 Fax: (732) 676-1661

US taxes implications on US investments for non-US residents 美国税收对非美国税务居民在美国投资的影响

Many foreigners choose to invest in US stock market and other assets. There are many great opportunities but with US tax implications. Commonly income sources from these investments are – interests, dividends, capital gain or rental income

Generally, interest income received from the US will not be taxable in the US, but rather in the country of which you are a tax resident.

A NRA may invest in US stocks. If a US company pays you a dividend, you have to pay 30% tax on the dividend amount. This rate may be lower if a tax treaty is in place between the US and the NRA’s country.

Dividends received from foreign companies are not taxable in the US.

Capital gains
Capital gains from the sale of stocks and short-term capital gain distributions will not trigger any US tax liability. However, you will likely have to declare this income and pay tax in your home country.

Real estate
Gains from real property can be both from rental income and the eventual sale of the property after it appreciates. Both are taxable income in the US.

For rental income, you have two options:

(1) pay 30% tax of the gross rental income, with a withholding agent collecting the 30% tax, or

(2) make an election called a net basis election (“net election”) to treat income from the property as being effectively connected with a trade or business of the United States. Here you have to make quarterly estimated tax payments.

The net election is generally more beneficial. It enables you to pay taxes on the net profit, rather than the gross rental revenue.

Once you sell the real estate, a 15% tax must be withheld on the gain.