Here’s How to Pay If You Owe Money to the IRS
The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by […]
Paying off Debt the Smart Way
With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you […]
Estates and Trusts: Guidance for Itemizing Deductions
The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions and are allowable in figuring […]
Facts About Capital Gains and Losses
When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and […]
Avoid These Common Errors When Filing a Tax Return
When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best […]
COVID 19: Update
We are doing our best to keep our clients informed of the new loan programs now available to small businesses. Here are some important highlights of the Paycheck Protection Program (PPP Loan). Who is Eligible? Businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. When […]
Job Loss Could Affect Your Tax Situation
If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you receive is considered taxable income as […]
Additional Tax Deadlines Extended
As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions: All taxpayers that […]
