The latest round of stimulus payments, on top of the backlog left from the 2020 IRS slowdown in processing 2019 returns and the constant new tax rules coming out of the legislature, has produced a “HOT MESS” resulting in the extension of the federal income tax filing deadline for the second year in a row, […]
THE IRS HAS EXTENDED THE FEDERAL FILING DEADLINE BUT MOST STATES HAVE NOT, SO YOU MAY STILL HAVE TO FILE BY APRIL 15TH!?
Last year, 41 states that have a personal income tax postponed their April 15 filing and payment deadlines due to the fallout from the pandemic, but that hasn’t officially happened this time, at least not yet. The IRS has moved the deadline for filing 2020 federal income tax returns from April 15 to May 17, 2021. This […]
Lately we’ve seen a historic amount of spending, due of course to the pandemic and trying to keep the economic ship righted. So, who’s to know whether what we’ve done is right or wrong? Only time will tell, but for now, especially for those retired or about to retire, this is a blind crossing moment that takes some forethought and reflection to navigate. […]
It’s hard to keep up with all the tax code changes that have come about due to COVID-19, and of course the change in the White House will bring even more tax code tweaks. A lot of what’s been in the news and talked about are PPP loans, changes to payroll tax rules, deferrals and […]
IRS Notice 2021-10, which automatically extends several IRS deadlines, has just been updated again!! How does that benefit you, the taxpayer? Any gain (sale of stock, sale of property etc.) that you created by selling after October 4, 2019 but before October 2, 2020 can still have the taxation delayed by using a “QOZ” or […]
We talk a lot about people not doing tax planning and not spending more time creating the tax outcomes they want. We urge people to understand that it’s within their own control and that tax outcomes can be legally and ethically manipulated. We go on and on about the benefits. BUT…we understand why it’s so […]
The PROPOSED new tax code changes from Biden would change a great deal of what was installed by Trump. That’s not necessarily a bad thing, as the Trump tax reductions were meant to stimulate the economy to the point that we started reducing the national debt load (which for many reasons did not happen, and […]
Many of you in the past have had to issue a 1099-MISC to people you hired and paid, but not as W-2 waged employees. These forms have changed for the first time in a very long time, so this is a courtesy heads up. The 1099-MISC has a much more limited use, but has not […]
If You Give to Charities or Have Plans to In the Future, It’s Not Too Late to Cut Your Current Tax Bill in Half!
Many people have the intention of doing a better job of “tax planning” in order to start having more favorable outcomes, but busy lives and life interruptions can leave them little time. If this is you, you’re not alone. Time flies even in normal times, but with the current stressful environment, everyone is scrambling even […]
There are only three weeks left to make something great happen with this year’s tax bill. If you are over 72, save the time you would have spent getting clothes together and boxing them and driving in the holiday traffic to a charity for the tax deduction (this can be done January 3rd), and instead […]