fbpx

Month: November 2020

Federal beneficiaries have more time to register for an Economic Impact Payment

Federal beneficiaries have more time to register for an Economic Impact Payment <p style=”background: white; margin: 0in 0in 7.5pt 0in;”>Federal beneficiaries who got their Economic Impact Payment but didn’t register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the <a style=”box-sizing: border-box; transition: all 0.3s ease 0s;” …

Federal beneficiaries have more time to register for an Economic Impact Payment Read More »

When are Taxes Due? When Can I File Taxes in 2021?

When are Taxes Due? Individual and corporate tax returns must be filed for the 2020 tax year by April 15, 2021. The filing deadline will be extended to March 15th, 2021, for partnerships and S corporations.<br /><br />If you’re unable to file your return on time, you can request an extension. However, you’ll still have …

When are Taxes Due? When Can I File Taxes in 2021? Read More »

Tax Pros: The Circular 230 and Publication 947 are now available in Spanish

Tax Pros: The Circular 230 and Publication 947 are now available in Spanish As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish. A Spanish-language version of Publication 947, Practice Before the IRS and Power of …

Tax Pros: The Circular 230 and Publication 947 are now available in Spanish Read More »

New income ranges for IRA eligibility in 2021

New income ranges for IRA eligibility in 2021 <p>There are cost‑of‑living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard.</p><h2>Here are some highlights of the 2021 changes:</h2><h3>The income ranges for these actions all increased for 2021:</h3><ul><li>Determining eligibility …

New income ranges for IRA eligibility in 2021 Read More »

Education Credits and Deductions (Form 1098-T)

Education Credits and Deductions (Form 1098-T) Education tax credits help offset the expenses of higher learning by reducing the tax an individual would owe the IRS and may increase their refund if they have no tax liability. Keep in mind, neither of these credits are available if the taxpayer’s filing status is Married Filing Separately, …

Education Credits and Deductions (Form 1098-T) Read More »

calculator, calculation, insurance

All taxpayers have the right to privacy – it’s the law

All taxpayers have the right to privacy – it’s the law One of the IRS’s top priorities is protecting the privacy rights of America’s taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the <a href=”https://www.irs.gov/taxpayer-bill-of-rights”>Taxpayer Bill of Rights</a> gives all taxpayers. Taxpayers have the right to expect that …

All taxpayers have the right to privacy – it’s the law Read More »

Self-supporting college students may qualify for an Economic Impact Payment

Self-supporting college students may qualify for an Economic Impact Payment Any eligible self-supporting college student who doesn’t need to file a tax return should register using the <a href=”https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here”>Non-Filers</a> tool <strong>by 3:00 p.m. ET November 21</strong> to receive an Economic Impact Payment before the end of this year. Generally, a self-supporting student who registers will receive a $1,200 payment …

Self-supporting college students may qualify for an Economic Impact Payment Read More »

calculator, calculation, insurance

It’s time for tax professionals to renew their PTIN

It’s time for tax professionals to renew their PTIN The IRS reminds all active tax preparers to start the upcoming 2021 filing season smoothly by renewing their Preparer Tax Identification Numbers now. All current PTINs will expire December 31, 2020. Anyone who prepares or helps prepare a federal tax return for compensation must have a …

It’s time for tax professionals to renew their PTIN Read More »

%d bloggers like this: