Have questions about your IRA and the Cares Act? You can find answers by going to this link: https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers
Taxpayers need to file by July 15th or file an automatic extension See Link for more information: https://www.cnbc.com/2020/05/29/house-bill-eases-rules-around-how-small-businesses-can-use-ppp-funding.html
New House Bill passes to give small businesses more time to use their PPP funds. See Link for more information: https://www.cnbc.com/2020/05/29/house-bill-eases-rules-around-how-small-businesses-can-use-ppp-funding.html
Stimulus Payment Might Be Different Than You’re Expecting….. See the latest on the IRS website. Click here for More Information
White House looks at pushing back tax return deadline again. Take a look at the following article from CNBC. Click here for more information:
Here’s a great article about why you should hire a professional to do your taxes: https://www.nytimes.com/2020/03/05/business/tax-accountant.html
The tax-filing deadline is still April 15, but the IRS will waive penalties and interest on tax payments for 90 days. See the articles here: https://www.investors.com/etfs-and-funds/personal-finance/coronavirus-tax-deadline-payments-now-due-july-15/ https://www.businessinsider.com/personal-finance/irs-to-extend-tax-filing-deadline-why-file-taxes-now-2020-3
Millions of households that hustled to get their tax returns to the IRS early could be waiting until sometime in March for their refunds. If you’re claiming the additional child tax credit or the earned income tax credit, the IRS cannot issue your refund before mid-February. An anti-fraud law requires the agency to use that[…..]
If your one of the lucky ones that gets a year-end bonus, you want to make sure you understand the tax consequences. By deferring this income into 2020, it could help you limit the tax hit for 2019. Check out this article to get more information: https://www.cnbc.com/2019/11/20/how-to-keep-a-tax-bomb-from-blowing-up-your-holiday-bonus.html
This is a great article on how to defer taxes for the upcoming 2019 tax filing season. It shows you ways you can spend your retirement savings without triggering a tax penalty. Go to https://www.cnbc.com/2019/11/22/heres-how-to-avoid-a-tax-penalty-on-your-retirement-savings.html to get more information. Photo by Pixabay