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.
Penalties and interest are only added on unfiled returns if the taxpayer did not pay taxes by the April deadline. Taxpayers who did not file and owe tax should file a tax return and pay as much as they are able to now.
If a return is filed more than 60 days after the April due date, the minimum penalty is either $210 or 100 percent of the unpaid tax, whichever is less.
Did you start a new business or are you thinking bout starting a new business? Have yo looked into what needs to be done for income taxes? Are you gong to have payroll? What about payroll taxes? What type of entiy are you going to be? What are the pros and cons of each? Contact me and we can discuss to get you on the right path.
Did you file an extension and now are still lost becasue of all the tax law changes? Contact the office to schedule and appointment to get that return completed with an explanation of the changes from last year.
Reminder that 2nd qtr estimated payments are due on 6/15/19 for those that need to make them.
Stearns & Company Accounting & Tax Services wants to thank all those that have served our country and whom are still serving. Thanks for protecting our nation. God Bless All!
Do you have a job change happening? Are you expecting a child? Do you have a child going to college soon? Are you getting ready to retire? Are you going to be eligible for Social Security soon? We can help with tax planning strategies, contact us at 610-681-8301.
So now that 2018 has been filed – how did you fair? did you get the refund you were anticipating or was it much less than you were looking for? Were you in shock because you had to pay for the first time? Do you need to make adjustments for the 2019 tax year? contact my office and lets see what we can do to get you back on the right track.