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 …
Tax Planning
IRS Extends the Opportunity to Defer Capital Gains
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 …
Don’t Forget the Deadlines! September 2020 Individual Due Dates
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
Wealthy Taxpayers May Want to Strategize for Potential Tax Increases
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
Don’t Throw Away IRS Notice 1444
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 …
Congress Provides Sick Leave Benefits and Child Care Leave Benefits for Employees
The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents to miss work because their children’s school has closed due to the outbreak and there is …
Congress Provides Sick Leave Benefits and Child Care Leave Benefits for EmployeesRead More
Can’t Pay Your Taxes? Tax Payment Due Date Extended Because of COVID-19
The tax payment due date is now July 15th due to COVID-19, or Coronavirus. In an unprecedented move to dampen the economic hardship of the COVID-19 virus, the IRS has given taxpayers until July 15th to file their 2019 returns and pay their 2019 tax liability – without having to file a request for extension …
Can’t Pay Your Taxes? Tax Payment Due Date Extended Because of COVID-19Read More
March 2020 Individual Due Dates
March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding …
March 2020 Business Due Dates
March 2 – Farmers and Fishermen File your 2019 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. March 2 – Large Food and Beverage Establishment Employers File Form 8027, Employer’s Annual Information …
