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Lifetime Learning Credit Did You Know? The IRS Lifetime Learning Credit (LLC) can offer substantial tax savings for students or their parents, especially for students who have previously completed four years of higher education. If you paid tuition and school fees in 2020 for yourself, your spouse or a dependent, you may be able to claim an LLC of up to $2,000 on your 2020 tax return. Generally, you may only claim the credit for one member of your household per year. Studen...ts currently taking post-secondary education classes at eligible higher learning institutions may qualify for this credit by meeting BOTH of the following criteria: - They are or were enrolled in higher (post-secondary) education classes for at least one 2020 academic period. An academic period can be a semester, quarter, trimester, summer session, or any other coursework session defined by the school. - The student is taking these higher education classes in pursuit of a degree or other recognized certification, or to acquire or improve job skills. In addition, the taxpayer claiming the credit (usually the student or the student's parent or guardian) must meet the program's income restrictions. Taxpayers with a modified adjusted gross income (MAGI) of $58,000 or less ($116,000 or less for joint filers) generally qualify to claim the full credit. Taxpayers with a MAGI between $58,000 and $68,000 ($116,000 and $136,000 for joint filers) may receive a reduced credit; those with higher incomes cannot claim the LLC. Although the LLC may only be claimed once per tax return, there is no limit to how many times students can qualify for the credit during their lifetimes. Before claiming the LLC for a student in your household, however, check whether the student qualifies for the American Opportunity Tax Credit (AOTC). The AOTC has higher income limits and a higher maximum credit amount ($2,500). In addition, unlike the LLC, the AOTC may be partially refundable if your tax is reduced to less than zero. For students who do not qualify for either the AOTC or LLC, it may still be possible to claim an above-the-line income deduction for tuition and fees. A professional tax advisor can help you determine your eligibility for these valuable education tax credits and deductions.

IRS Extends Deadline to Register for Stimulus Payments Did You Know? The IRS has extended the deadline for some Americans to register to receive their 2020 coronavirus Economic Impact Payments (EIPs, also called stimulus payments). The new deadline of midnight on November 21, 2020 primarily applies to those who are not required to file federal income tax returns, and also have not yet registered for or received their EIPs. Those who meet these criteria are urged to use the ...IRS online non-filers registration tool (link below) to submit their information and receive their EIPs as soon as possible. Choosing the direct deposit option will speed up the payment process. Generally, those who do not provide banking information for direct deposit will receive their stimulus payments by check. Note that for most people who are required to file a 2019 tax return but requested an extension, the deadline to file remains October 15. Federal return filers who qualify for EIPs generally receive their payments automatically; no separate registration is required. Beginning two weeks after they register to receive a payment, those who qualify for EIPs can track the status of their payments by using the online Get My Payment tool (link below). IRS EIP Registration Tool for Non-Filers: https://www.irs.gov/coro/non-filers-enter-payment-info-here IRS Get My Payment EIP Tracking Tool: https://www.irs.gov/coronavirus/get-my-payment

The deadline to file your 2019 taxes if you requested an extension is almost here - October 15, 2020. Got a giggle from the first few sentences of this article, Look, we get it: 2020 has been stressful. It’s hard to juggle a full schedule of washing your hands, worrying about the presidential election and taking deep breaths when your coworker yet again fumbles the Zoom mute button. Nobody would judge you for forgetting a pesky little thing like your taxes. Except, you know..., the IRS. We love a well-written article.

Did you know there are just 2 days until taxes are due if you asked for an extension (October 15, 2020)? We are obsessed with numbers. Here are a few that may matter to you. #taxdeadline #incometax #smallbusinesstaxprep #taxpros #taxpreparer #enrolledagent #ntpiflow #jimgardnerco #taxes

The deadline to file your 2019 taxes is coming up this Thursday, October 15 if you filed for an extension. Wow, that happened fast. Don’t mess around with something as important as your taxes. When you’re ready to get your taxes done right and done well, let us know!. All of our info is in our bio. We’re always around. #taxextension #taxes #incometaxes #taxreturn #fileyourtaxes #taxprep #taxpreparation #october15

As much as we love warm, tropical weather (the inside of our office is always a tropical paradise) this blanket of fog is welcome to stick around a bit! #foggymorning #fallishere #happyfall #beaumontca #cherryvalley #weloveithere

Would you rather repair a problem or prevent a problem? Tax planning is for EVERYONE - let’s get you on track for the next tax season by preparing and planning. We can do a checkup on your situation and make sure your income tax setup is working for you. Call us for an appointment. 951-845-6001

Extensions and FBAR Deadline - Did You Know? For taxpayers who requested extensions to file various 2019 returns, the filing due date for those returns is October 15, 2020. This deadline applies to multiple filings that were originally due on April 15, 2020. (For most of these forms, the filing due date without an extension was subsequently changed to July 15, 2020 by the IRS due to the COVID-19 pandemic.) The October 15 deadline to file under an extension applies to several ...common returns, including: 2019 INDIVIDUAL INCOME TAXES: Most individual taxpayers who requested an automatic extension to file their 2019 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters, including hurricanes and western wildfires. 2019 CORPORATE INCOME TAXES: The October 15 deadline also applies to C corporations that requested an extension to file their 2019 corporate income tax returns (Form 1120). FOREIGN BANK ACCOUNT REPORT (FBAR): Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2019 FBAR and have not yet done so must file by October 15. Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2019 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties. A tax professional can help you determine how much to pay and/or if an FBAR is required.

The deadline to file your taxes is coming up quickly! If you filed an extension, your taxes are due OCTOBER 15! How’s that going? Need help? Call us at 951-845-6001. Still can’t get your taxes filed by the 15th? Don’t worry - you can send them in after that date, but you will incur penalties and fees from the IRS. Let’s get this all finished so that YOU CAN RELAX! ... #taxextension #incometax #smallbusinesstaxprep #individualtaxprep #taxpreparers #taxseason2019 #taxseason2020 #taxseason #getyourtaxesdone #jimgardnerco #inlandempire #thepassarea #beaumontcalifornia

What kind of tax help do you need? We offer so many services, check it out! Head to our website at JimGardnerCo.com for more information. Make an appointment by calling our office at 951-845-6001 or email [email protected]. #taxhelp #taxseason #taxdeduction #incometax #taxpreparation #enrolledagent #ntpifellow #beaumont #beaumontca #cherryvalley #calimesa #oakglen #palmsprings #hemet #sanjacinto #redlands #yucaipa #smallbusinesstaxes #individualtaxes

Hey pumpkin, if you filed an extension, your tax return is due October 15th! If you have no idea what we are talking about and you need your taxes done by PROFESSIONALS, you’d better give us a call! Contact us at 951-845-6001 or email [email protected]. #itstime #taxtime #neverendingtaxseason #taxseason2019 #doyourtaxes #beaumont #beaumontca #october #taxextension #deadline #feesandpenalties #taxpreparer #taxes #incometax #october15th #enrolledagent #ntpifellow #topnotchtaxservice #taxpros

There’s a COIN SHORTAGE!?! Here in America we’re not used to shortages, but this year has brought its fair share of shortages of gatherings, goods and now coins! Rest assured, it’s a circulation problem, not an actual shortage, based on the news articles we found on the subject (shown are articles from the Federal Reserve and Forbes). Has the coin shortage affected you personally at all? #coinshortage #coinshortage2020 #coins #coincollecting #quarters #dimes #nickels #pennies #federalreserve #usmintcoins #keepthechange #changeisgood