Second Quarter Estimated Payments

Second Quarter Estimated Payments – June 15 deadline moved to July 15 The IRS recently announced a delay in the deadline to file second quarter estimated tax payments. The IRS issued a tax filing and tax payment delay due to the coronavirus pandemic, from April 15, 2020 to July 15, 2020. Many of the payments are in this delay for both individuals and small businesses. It includes filing of all tax returns, the related payments

IRS sending prepaid debit card

  Millions of people will get their Economic Impact Payment by prepaid debit card. Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of who will receive a debit card was by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. These Economic Impact Payment Cards will arrive in a

Trying to Save a 2016 Tax Refund? Read This!

Trying to Save a 2016 Tax Refund? Read This! For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked

Understanding the Home Gain Exclusion

Understanding the Home Gain Exclusion. When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two

2020 Tax Facts – 2 Year Comparison

  2020 Tax Facts – 2 Year Comparison. Here’s is a quick review of some of the tax changes you’ll see from 2019 to 2020 as a result of inflation adjustments and new tax laws. Provision 2019 2020 Business equipment Sec. 179 expensing deduction $1,020,000 $1,040,000 Total purchase limit for full Sec. 179 expensing deduction $2,550,000 $2,590,000 Standard mileage rate: business 58¢ per mile 57.5¢ per mile Standard mileage rate: medical/moving 20¢ per mile 17¢

Tax surprises that you could avoid

Tax surprises that you could avoid. Every year taxpayers are hit with tax surprises that they could avoid if they knew the rules. Here are five big ones that are easy to avoid with some simple planning. You pay taxes with your hard earned money. We will help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. You earned it

Payments to deceased taxpayers

Payments to deceased taxpayers. First, we want to express our apologies that you are even having to deal with this. We just received information about what to do with Economic Impact Payments (EIP) made to deceased taxpayers. Below is the guidance from the IRS. The information has posted May 6, 2020 to the EIP page on IRS.gov. Does someone who has died qualify for the Payment? No. A Payment made to someone who died before

Tips for Non Filers

      Tips for Non Filers. You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. The IRS will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action. The Non-Filers tool is designed for people with incomes typically below $24,400 for married couples or

Individual Provisions – Coronavirus Aid

Individual Provisions Coronavirus Aid, Relief and Economic Security (CARES) Act. In response to the economic harm that the COVID19 virus has caused, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. The Act provides an estimated $2 trillion in assistance, including almost $500 billion in individual rebate checks. Another $500 billion to support businesses and industries that have seen their operations affected and $400 billion in tax credits to businesses for