Snapp's Tax Service

People should have tax withheld from unemployment now to avoid a tax-time surprise Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid owing taxes on this income when they file their income tax return next year.... By law, these benefits are taxable and must be reported on a federal income tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security Act.

Happy Labor Day! May you be prosperous in your daily jobHappy Labor Day! May you be prosperous in your daily job

Are you waiting on your Tax Refund? IRS is working on their backlog mail....

Millions of taxpayers receive a tax refund interest payment In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS issued most of the payments separately from tax refunds.... Most taxpayers who received their refund by direct deposit had their interest payment sent to the same account. Everyone else received a check. A note on the check reads "INT Amount." This identifies it as a refund interest payment. These interest payments are taxable. Taxpayers who received a payment must report it on their 2020 federal income tax return next year. The IRS will send a Form 1099-INT in January 2021, to anyone who gets a payment of at least $10. This interest payment is due to the IRS postponing this year's filing deadline to July 15. The new deadline was related to COVID-19 and is considered a disaster-related postponement. Therefore, the law requires the IRS to pay interest calculated from the original April filing deadline. The taxpayer must have filed their 2019 federal income taxes by the July 15, 2020, deadline to get an interest payment. This refund interest only applies to individual taxpayers. Businesses aren’t eligible.

ITIN con los siguientes números en el medio vencen el 31 de diciembre de 2020: 88, 90, 91, 92, 94, 95, 96, 97, 98, 99. Llámenos!ITIN con los siguientes números en el medio vencen el 31 de diciembre de 2020: 88, 90, 91, 92, 94, 95, 96, 97, 98, 99. Llámenos!

Important Information if you have not receive your stimulus check, please share so others can benefit from it.

Que hacer si recibe una carta del IRS?

All taxpayers should know the telltale signs of common tax scams Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.... Here are some tips to help taxpayers spot scams and avoid becoming a victim. Email phishing scams The IRS does not initiate contact with taxpayers by email to request personal or financial information. For ways to avoid these scams read tips from the Department of Homeland Security. For additional tips, check out Taxes. Security. Together. Taxpayers should report IRS, Treasury or tax-related suspicious online or email phishing scams to [email protected]. They should not open any attachments, click on any links, reply to the sender or take any other actions that could put them at risk. Phone scams The IRS and its authorized private collection agencies will never: Leave pre-recorded, urgent or threatening messages. Threaten to immediately bring in local police or other law-enforcement groups to have the taxpayer arrested for not paying, deported or revoke their licenses. Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. The agency doesn’t use these methods for tax payments. Ask for checks to third parties. The agency has specific instructions on how to pay taxes. Demand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed. Criminals can fake or spoof caller ID numbers to appear to be anywhere in the country. Scammers can even spoof an IRS office phone number or the numbers of various local, state, federal or tribal government agencies. If a taxpayer receives an IRS or Treasury-related phone call, but doesn’t owe taxes and has no reason to think they do, they should: Hang up immediately. Contact the Treasury Inspector General for Tax Administration to report the call. Report the caller ID and callback number to the IRS by sending it to [email protected]. The subject line should include IRS Phone Scam. Report the call to the Federal Trade Commission. If a taxpayer owes tax or thinks they do, they should: View tax account information online at IRS.gov to see the actual amount owed. Review their payment options. Call the number on any billing notice they receive or call the IRS at 800-829-1040.

What someone should do if they missed the July 15 deadline to file and pay While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020.... Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through Oct. 15, 2020 to prepare and file returns electronically. Taxpayers should then review their payment options. The IRS has information for taxpayers who can’t pay taxes they owe. Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, military service members and eligible support personnel in combat zones. Filing soon is very important because the late-filing penalty and late-payment penalty on unpaid taxes adds up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. For those charged a penalty, they may contact the IRS by calling the number on their notice and explain why they couldn’t file and pay on time. Additionally, taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer will usually qualify if they have filed and paid timely for the past three years and meet other requirements.

Taxpayers should file on time even if they can’t pay their full tax billTaxpayers should file on time even if they can’t pay their full tax bill