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Month: November 2020

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

Income Tax Return Preparation Services / By

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;” …

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

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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 …

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

Income Tax Return Preparation Services / By

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 …

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New income ranges for IRA eligibility in 2021

Income Tax Return Preparation Services / By

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 …

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Education Credits and Deductions (Form 1098-T)

Income Tax Return Preparation Services / By

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, …

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Filing Status

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Filing Status Generally, a taxpayer’s marital status on the last day of the year determines their filing status for the year. Single: A taxpayer’s filing status is single if, on the last day of the year, they were unmarried or legally separated from their spouse under a divorce or separate maintenance decree, and they do …

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

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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 …

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

Notary Public / Real Estate Notary Signing Agent / By

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 …

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It’s time for tax professionals to renew their PTIN

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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 …

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