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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 …
Don’t Forget the Deadlines! September 2020 Individual Due DatesRead More
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 …
Wealthy Taxpayers May Want to Strategize for Potential Tax IncreasesRead More
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. …
The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed until March 27, 2020. And many individuals had already taken their RMD for 2020. Some of these retirees would not have taken the distributions if they would have known about …
The Internal Revenue Service is mailing all recipients of Economic Impact Payments an IRS Notice 1444. The IRS Notice 1444 provides taxpayers key information about their payment including: the amount of their payment, how the payment was made, and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve …
Due to COVID, the IRS changed the tax deadline to July 15, 2020. This was an automatic 3 month extension to file 2019 tax returns and pay the 2019 tax. This is among other tax actions normally due on April 15. Now that July 15th is approaching, please realize it’s not just the deadline for …
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities. Specifically for those who have traditional IRA accounts. These range from IRA conversions, to retirees making larger-than-normal IRA withdrawals. Also the decision whether to take advantage of the required minimum distribution (RMD) suspension for 2020. Let’s look at …
It is very common to discover that an item of income was overlooked on a tax return. Perhaps a deduction was not claimed, or an amended tax document was received after the tax return was already filed. Regardless of the results (a tax penalty or a refund), if you overlook something on a prior tax …
