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If a foreclosure is in your future, you should be aware of certain tax issues. As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their home mortgage payments, the relief provides mortgage forbearance. Also this …
October’s extended due date is just around the corner. Due to COVID-19, the IRS postponed the original deadline for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing …
Watch out for tax penalties! While most taxpayers don’t intentionally incur tax penalties, many who are penalized just aren’t aware of what those penalties are. Nor are they aware of the possible impact on their wallets. Watch this video to look at some of the more commonly encountered tax penalties and how to avoid them …
Is the Temporary Deferral of Employee Payroll Tax Worth It? At this time, there are still many questions… President Trump issued a Presidential Memorandum on August 8, 2020. This memorandum directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from Sept 1 …
Have you heard the recent good news? The IRS extended the opportunity to defer capital gains. Individuals can now defer both short- and long-term capital gains into Qualified Opportunity Zone Funds (QOFs). This is a part of the tax reform put into place a couple of years ago. The best thing about this is that …
September 1 – 2020 Fall and 2021 Individual Due Dates Tax Planning – Contact this office to schedule an appointment. September 10 – Report Tips to Employer If you are an employee working for tips, and you received more than $20 in tips during August, you must report those tips. Specifically, you are required to …
The outcome of the November elections could have a significant impact on taxes for the wealthy. Therefore, if you find yourself in this demographic, you may want to strategize for potential tax increases. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although …
If you have paid the extra Medicare tax on wages/self-employment income, you may be able to claim a refund of those taxes. It all depends on when you filed that extra tax. In other words, you may need to file a protective claim before July 15, 2020 to ensure your right to that possible refund. …
We all look forward to receiving our tax refunds. But what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. If the government is keeping your refund, take steps to learn why that is, and how to resolve it. …
