Despite the IRS pushing back the 2020 tax return deadline to May 17 this year, many taxpayers still filed for an automatic extension until October 15. Reasons for an extension vary and include needing extra time with your CPA to thoroughly review your options and strategies, time to gather K-1s or corrected 1099 forms, or…
Children love getting gifts, but if you’re planning on gifting a ton of cash, there are some tax issues to consider.
Did you pay taxes on your unemployment benefits you received during the pandemic? Normally, unemployment insurance benefits are fully taxable for federal purposes. As part of the American Rescue Plan Act, Congress decided that each individual who received unemployment benefits could exclude the first $10,200 of those benefits from taxation if their modified AGI was less than $150,000. The IRS will be adjusting your tax return.
The more your business and personal outlays become entwined, the harder it is to manage your company’s cash flow, payroll, and taxes. We explore three key reasons to draw a clear line between your business and personal finances.
Tax return mistakes are a lot more common than you probably realize. If you’ve just discovered that you’ve made a significant mistake on your tax return, the first thing you should do is take a deep breath, and then call us!
The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, if you have qualifying children under the age of 18.
President Biden presented his proposed American Families Plan (AFP)—his wish list of changes; however, Congress will need to draft legislation that will have to pass in both houses before becoming law.
As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Normally April 15 is the due date, but this year the IRS extended it until May 17.
If you’re due a federal tax refund for 2017, time is running out for you to claim it!
If you are unable to pay the tax you owe, it is generally in your best interest to make other arrangements to obtain the funds for paying your taxes. We explore a few options to consider in our Tax Tip.
