Time to Check Tax Withholding and Estimated Tax Payments to Avoid a Surprise Tax Bill in 2021
October 19, 2020
The IRS has reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid surprises while filing next year. In this article we discuss many ways to make adjustments to affect taxes owed for 2020 including coronavirus tax relief, unemployment compensation, job loss, and life changes such as marriage and childbirth.
MAKE 2021 A “STRESS LESS” KIND OF YEAR!
September 24, 2020
Between deepening Washington gridlock and election-year politics, just a few months ago we were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were a lot of us ever wrong! The government’s funding bills signed by President Trump in December 2019 included an abundance of new tax provisions.
Amended Tax Returns You Don’t Always Need to File One
September 12, 2020
Everyone makes mistakes. And, sometimes you don't even realize you’ve made one or it’s too late to change something. But what if you suddenly realize there's a mistake on a tax return that you filed months (or years) ago? Or, what if there's a new development that affects the amount of tax you should have paid on a previous return? What do you do then? Whether the mistake or development is in your favor or the government's favor, filing an amended tax return is often the next step.
File a Superseded Return if the Filing Deadline Hasn’t Passed
September 05, 2020
So, what if you just filed a tax return and then discovered a mistake the very next day? If the filing deadline, including extensions, hasn't passed, then you don't want to file an amended return. Instead, you can file what's called a "superseding return." Basically, if you file a second return before the filing deadline, the second return "supersedes" the first return and is treated as the original return.
2020 Payroll Tax Deferral Order
September 01, 2020
President Issues Executive Order Deferring Payroll Taxes Beginning September 1, 2020
As the COVID-19 (coronavirus) pandemic continues to surge in multiple regions of the United States, the economy continues to flounder. While some economic recovery has occurred in the aftermath of large shutdowns in the spring, job losses continue to mount while state and local governments struggle with increased costs from battling outbreaks and reduced tax revenue.