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Tax Tips: Taxpayers can start the new tax year off right by checking their withholding A new year means a fresh start. One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov. This online tool helps employees avoid having too much or too little tax withheld from their wages. It also helps self-employed people make accurate estimated tax payments. Having too... little withheld can result in an unexpected tax bill or even a penalty at tax time. Having too much withheld results in less money in their pocket. All taxpayers can use the results from the Tax Withholding Estimator to determine if they should: Complete a new Form W-4, Employee's Withholding Allowance Certificate and submit it to their employer. Complete a new Form W-4P, Withholding Certificate for Pension or Annuity Payments and submit it to their payer. Make an additional or estimated tax payment to the IRS. The Tax Withholding Estimator asks taxpayers to estimate: Their 2021 income. The number of children to be claimed for the child tax credit and earned income tax credit. Other items that will affect their 2021 taxes. The Tax Withholding Estimator does not ask for personally-identifiable information, such as a name, Social Security number, address and bank account numbers. The IRS doesn't save or record the information entered in the Estimator. Before using the Estimator, taxpayers should gather their 2019 tax return, most recent pay stubs and income documents including: Form W-2 from employers. Form 1099 from banks and other payers. Forms 1095-A from the marketplace for those claiming the premium tax credit. Form 1099-NEC, Nonemployee Compensation. Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and virtual currencies. Therefore, taxpayers should also gather any documents from these types of earnings. These documents will help taxpayers estimate 2021 income and answer other questions asked during the process. The Tax Withholding Estimator results will only be as accurate as the information entered by the taxpayer. People with more complex tax situations should use the instructions in Publication 505, Tax Withholding and Estimated Tax. This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends. Share this tip on social media -- #IRSTaxTip: Taxpayers can start the new tax year off right by checking their withholding. https://go.usa.gov/xAkPF

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Tax Tips: Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients WASHINGTON The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021. Redesigned Form 1099-MISC The IRS revised Form 1099-MISC for the 2020 tax year to accommodate the creation of a new Form 1099-NEC. The re...designed 1099-MISC has different box numbers for reporting certain income. Businesses must send Form 1099-MISC to recipients by Feb. 1, 2021, and file it with the IRS by March 1 (March 31 if filing electronically). If businesses are using Forms 1099-MISC to report amounts in box 8, Substitute Payments in Lieu of Dividends or Interest, or box 10, Gross Proceeds Paid to An Attorney, there is an exception to the normal due date. Those forms are due to recipients by Feb. 16, 2021. New Form 1099-NEC Form 1099-NEC is a new form for tax year 2020 for nonemployee compensation of $600 or more to a payee. This form should be filed with the IRS, on paper or electronically, and sent to recipients by Feb. 1, 2021. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions. Also, nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the Taxpayer Identification Number provided was incorrect. Deadlines help fraud detection The due dates for information returns, like Forms 1099-MISC and 1099-NEC help the IRS more easily detect refund fraud by verifying income that individuals report on their tax returns. Payors can help support that process, and avoid penalties, by filing the forms on time and without errors. The IRS recommends e-file as the quickest, most accurate and convenient way to file these forms. For more information, the instructions for Forms 1099-MISC and 1099-NEC are available on IRS.gov. See more

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Tax Tips: New things taxpayers should consider as they get ready to file taxes in 2021 When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key things people should consider when filing their 2020 tax return.... Recovery rebate credit Taxpayers may be able to claim the recovery rebate credit if they met the eligibility requirements in 2020 and one of the following applies to them: They didn't receive an Economic Impact Payment in 2020. They are single and their payment was less than $1,200. They are married, filed jointly for 2018 or 2019 and their payment was less than $2,400. They didn't receive $500 for each qualifying child. Refund interest payment People who received a federal tax refund in 2020 may have been paid interest. The IRS sent interest payments to individual taxpayers who timely filed their 2019 federal income tax returns and received refunds. Most interest payments were received separately from tax refunds. Interest payments are taxable and must be reported on 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT, Interest Income, to anyone who received interest of at least $10. New charitable deduction allowance New this year, taxpayers who don't itemize deductions can take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For more information, people should review Publication 526, Charitable Contributions. Other refund-related reminders Taxpayers shouldn’t rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and processing may take longer. Refunds for taxpayers claiming the earned income tax credit or additional child tax credit can’t be issued before mid-February. This applies to the entire refund, not just the portion associated with this credit. The fastest and most secure way to receive a refund is to combine direct deposit with electronic filing, including the IRS Free File program. Taxpayers can track the status of their refund using the Where’s My Refund? tool.

Tax Tips: IRS reminds taxpayers to make final estimated tax payment for 2020 WASHINGTON Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2020 is Friday, Jan. 15, 2021. Income taxes are pay-as-you-go. This means that by law, taxpayers are required to pay most of their taxes...Continue reading

Tax Tips: Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. This includes the special $300 deduction designed especially for people who choose t...o take the standard deduction, rather than itemizing their deductions. This change allows individual taxpayers to claim a deduction of up to $300 for cash donations made to charity during 2020. This deduction lowers both adjusted gross income and taxable income translating into tax savings for those making donations to qualifying tax-exempt organizations. Before making a donation, taxpayers should check the Tax Exempt Organization Search tool on IRS.gov to make sure the organization is eligible for tax deductible donations. Cash donations include those made by check, credit card or debit card. They don't include securities, household items or other property. Though cash contributions to most charitable organizations qualify, some don’t. People should review Publication 526, Charitable Contributions for details. Cash contributions made to supporting organizations are not tax deductible. The CARES Act includes other temporary allowances designed to help charities. These include higher charitable contribution limits for corporations, individuals who itemize their deductions and businesses that give food inventory to food banks and other eligible charities. For more information, visit the Coronavirus Tax Relief page of IRS.gov. By law, recordkeeping rules apply to any taxpayer claiming a charitable contribution deduction. Usually, this includes getting a receipt or acknowledgement letter from the charity before filing a return and retaining a cancelled check or credit card receipt.

We're extending Shared Spaces permits to June 30, 2021. To make sure your permit is renewed, follow the instructions here by 11/15: https://www.sfmta.com//shar...ed-spaces-permits-extending-nex. Questions? [email protected] San Francisco Planning SFMTA | San Francisco Municipal Transportation Agency San Francisco Office of Economic and Workforce Development (OEWD) San Francisco Public Works

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Thank you and Congrats to Mr. Randy Lui and Ms. Mary Koo for being the 2020 Charity Emperor and Empress.