Assistance Available, Covid 19, Tax

IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21

The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020.
 
The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

Photo by John Guccione http://www.advergroup.com on Pexels.com

This additional time is solely for those who haven’t registered or received their EIP and don’t normally file a tax return. For taxpayers who requested an extension of time to file their 2019 tax return, that deadline is Thursday, October 15.

Most eligible U.S. taxpayers automatically received their Economic Impact Payment. Others who don’t have a filing obligation need to use the Non-Filers tool to register with the IRS to get up to $1,200. Typically, this includes people who receive little or no income.

The Non-Filers tool is secure. It is designed for people with incomes typically below $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else. This includes couples and individuals who are experiencing homelessness.

Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check.

Beginning two weeks after they register, people can track the status of their payment using the Get My Payment tool, available only on IRS.gov.


Share this tip on social media — #IRSTaxTip: IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21. https://go.usa.gov/xGzB5

Business Topics, IRS - Tax Tips, Record Keeping

Good Record Keeping = Good Business

 

Taking care of business: An #IRS tip can help you understand the ins and outs of good recordkeeping: https://go.usa.gov/xfvU9IRS Record Keeping
Payroll Taxes, Tax, TAXES - INDIVIDUAL & SCH C

Check Your Payroll Tax Withholding Annually

This year has brought about changes for many people. Visit the #IRS Withholding Estimator to make sure your taxes are still covered in your current financial situation.

Visit http://irs.gov/withholding

 
 

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Business Topics, Tax, TAXES - INDIVIDUAL & SCH C

In The Military??? You Have Special Tax Benefits…

Members of the military and their families have special tax benefits available to them such as free tax preparation, filing assistance during the tax filing season and more. Read: https://go.usa.gov/xfaYe#IRS

Business Topics, IRS - eServices, Tax

IRS – understanding the e-Services Transcript Delivery System

Catch up on understanding the e-Services Transcript Delivery System with a free #IRS webinar on August 13. Register now: http://irs.gov/webconference

Business Topics, IRS - Tax Tips, Tax

IRS – Limits On Charitable Contributions

Greater deductions by businesses for contributions of food inventory for the care of the ill, needy or infants are now allowed. Businesses that contribute food in 2020 may deduct up to 25 percent of their net or taxable income. https://go.usa.gov/xfQZs#COVIDreliefIRS#IRS

Business Topics, IRS - Tax Tips, Tax, TAXES - INDIVIDUAL & SCH C

IRS – Reporting Tip Income – Tip (Hahahaha)

Three things can help you correctly report your tip income to the #IRS:

•Keep a daily tip record.

•Report tips to your employer.

•Report all tips on your income tax return.

https://go.usa.gov/xwSPQ#IRSTaxTip

Business Topics, Covid 19, Payroll, Payroll Taxes, President Executive Orders, Tax

Payroll Taxes….Huh????

What are payroll taxes and what does the President’s order do?

Questions About Payroll
Questions About Payroll Taxes?? Message us Today! @502.627.0557

Payroll taxes consist of Social Security taxes and Medicare taxes. Every pay period, an employee pays 6.2% of their earnings for Social Security and 1.45% for Medicare taxes. Workers pay the 6.2% Social Security tax on annual earnings up to $137,700.

Meanwhile, the employer pays the same rate per paycheck, adding up to a combined 12.4% Social Security tax and 2.9% Medicare tax.

In late March, the $2.2 trillion CARES Act said employers could defer paying their share of the Social Security tax from March 27, when Trump signed the CARES Act, to the end of the year. They can pay back one half of the sum by the end of next year and the second half by the end of 2022.

From Article: https://www.marketwatch.com/story/what-does-trumps-payroll-tax-deferral-mean-for-your-paycheck-not-much-experts-say-2020-08-10