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Increased Child Credit President Biden's stimulus package temporarily increases the child tax credit to $3,000 or $3,600 per child for most families. Half of it will be paid in advance later this year. For the first time in history, families will qualify to receive the child tax credit as a monthly stipend. These monthly payments will provide up to $300 per child starting this July through the end of the year (the remaining credit can be claimed on your 2021 tax return). ...Continue reading

RS begins delivering third round of Economic Impact Payments to Americans IR-2021-54, March 12, 2021 WASHINGTON The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.... Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit. No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov on Monday to see the payment status of the third stimulus payment.

New Exclusion of up to $10,200 of Unemployment Compensation If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation. If you already filed 2020 taxes: The IRS has advised that you should not yet amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit. Official IRS guidance is forthcoming.

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Book your tax appointment with us today. #taxes #money #irs #stimuluscheck

For those who asked about: Can I claim renovation expenses on a secondary home that we may rent out ? Sell later ? Or move in the future? Answer: No, you cannot claim renovation expenses - they are referred to in IRS parlance as "property improvements"....Continue reading

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Even if your LLC did not do any business last year, you may still have to file a federal tax return and pay the estimated minimum annual fee , in state of CA - the fees are $800#taxes @franchise_tax_board1929 #money #tax

Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021#tax #irs #money @turbotax @ca_edd @irsnews #savemoney #taxes

The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home. https://www.irs.gov//irs-reminds-taxpayers-of-the-home-off #money #independentcontractors #selfemployed #taxes @turbotax @quickbooks @newwaveaccountants

Failure to file penalty can be as much as 5 percent of your unpaid taxes for each month or part of a month that your tax return is late, up to 25 percent of your unpaid taxes. By comparison, the penalty for failure to pay is far less: one-half of 1 percent of your unpaid taxes for each month or part of a month for which your balance is unpaid after the due date, up to a maximum of 25 percent. Hence, you should file your taxes on time and if you cannot afford to pay your taxes in full, you can reduce additional interest and penalties by paying as much as you can with your tax return.

The PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, and it allows qualifying businesses to obtain loans guaranteed by the U.S. Small Business Administration. Eligible loan recipients are eligible for forgiveness of indebtedness for all or a portion of the stated principal amount of a covered PPP loan if certain conditions are satisfied, and the forgiven amount is excluded from the borrower’s gross income. Sec. 6050P generall...y requires a lender that discharges at least $600 of a borrower’s indebtedness to file a Form 1099-C, Cancellation of Debt, with the IRS and to furnish a payee statement to the borrower. However, the IRS is advising lenders that when all or a portion of the stated principal amount of a PPP loan is forgiven because the eligible recipient satisfies the forgiveness requirements under the CARES Act, for federal income tax purposes only, the lender is not required to, and should not, file a Form 1099-C information return with the IRS or provide a payee statement to the eligible recipient as a result of the qualifying forgiveness.#money #ppp #sbaloans #tax #loans See more

The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15#tax#money #taxtips

I hope you and your family are safe during these times. This is a courtesy reminder that tax deadline is approaching: Wednesday July 15, 2020 is the tax return deadline. Your 2019 tax return must be filed by midnight July 15. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. Call us to set an appointment today. We are open daily, Monday through Sunday 9:00am 7:00 pm walk-ins are welcome do not forget your Mask

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Highlights: FILING DEADLINE IS STILL APRIL 15, 2020 ... Filing Deadline The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. Payment Relief - Individuals Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to individuals, trusts and estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Payment Relief - Corporations For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. Estimated Tax Payments This relief also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020. Penalties and Interest Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If a tax return or extension is filed by April 15, 2020, the taxpayer will automatically avoid interest and penalties on the taxes paid by July 15. IRs website: https://www.irs.gov//payment-deadline-extended-to-july-15-

Easy Tax Services is closely monitoring the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. As the situation continues to change rapidly, our top priority remains the health, safety, and well-being of our clients. We are planning for several contingency scenarios and taking decisive, informed action to limit the spread of COVID-19 while ensuring the continuity of your tax preparation needs. Our office will remain open and operational 7 days a week: 9:00am 8:00 pm wit...h appropriate measures to protect the health of our clients. You are welcome to walk in or make an appointment. Additionally, for those who wish to remain home, we are extending our online services to you. You are welcome to email us all your tax forms and we can finalize everything for you online and tax preparation fees will be via credit / debit card. Stay safe and we will continue to update you regularly to keep you informed of additional measures. See more

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