For those that filed an extension for their personal returns that deadline is 10/15/19 which is under 30 days away. Time to get moving if you have been procrastinating.
BUSINESS returns are extension are due in 1 week. Is yours done?
For those business that filed extensions your due is is quickly approaching on 9/15/19. Please be sure to file timely as the late filing penalties are worse than you think.
Is your business using a designated spot in you home for an office? Not sure or need some questions about this answered contact me to get some additional information.
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form. The IRS Data Retrieval Tool is available to use with the 2019‒2020 FAFSA Form. This tool is the fastest, most accurate way to input tax return information into the FAFSA form.
- Applicants filing a 2019-20 FAFSA must use data from their 2017 tax returns.
- Taxpayers should always keep a copy of their tax return. Whether they keep it electronically or on paper, they should keep it in a secure place.
Tax preparers and IRS urges all employees, including those with other sources of income, to perform a Paycheck Checkup now. Doing a checkup will help employees make sure their employers are withholding the right amount of tax from their paychecks. Doing so now will help avoid an unexpected year-end tax bill and possibly a penalty.
The easiest way to a Paycheck Checkup is to use the Withholding Calculator on IRS.gov. Taxpayers can use the results from the Calculator to help fill out the Form W-4 and adjust their income tax withholding with their employer. Taxpayers who receive pension income can use the results from the calculator to complete a Form W-4P and give it to their payer.
- Educators can deduct up to $250 of trade or business expenses that were not reimbursed. As teachers prepare for the next school year, they should remember to keep receipts after making any purchase to support claiming this deduction.
- To be considered an eligible educator, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.
It is that time of the year again – Payroll taxes. They are required to be filed by 7/31/19. Need some help please contact me.
If you receive a notice from the IRS you need to respond within 30 days. If you are unsure of what the notice is asking for please reach out to an Enrolled Agent like myself to assist you with correspondence to avoid more notices and possibly tax court.
Members of the armed forces are entitled to certain tax benefits including – 1) Combat pay exclusion, 2) Deadline extensions, 3) Earned income tax credit, 4) Joint return signatures, 5) Military Volunteer Income Tax Assistance program, 6) Reserve and National Guard travel, 7) ROTC allowances.