TAXES - INDIVIDUAL & SCH C, Tax

Sign Your Tax Return

When you sign your tax return, you’re declaring that under penalty of perjury that you have examined it and you believe that it is true. So – should you look at your tax return before you sign it? Yes, yes you should! #TaxTwitter https://t.co/UvlvNSeN3g

TAXES - INDIVIDUAL & SCH C

ONLINE SERVICES OFFERED BY THE IRS

Taxpayers can visit IRS.gov from the safety of their home for answers to tax questions

As people get ready to file their 2020 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the safety of their home using IRS online tools and resources. These IRS.gov tools are easy to use and available 24 hours a day.

  • IRS Free File. Almost everyone can file their tax return electronically for free. The software does all the work of finding deductions, credits and exemptions. It’s free for those who earned $72,000 or less in 2020. Some of the Free File packages also offer free state tax return preparation. Taxpayers who are comfortable filling out tax forms electronically can use Free File Fillable Forms, regardless of income, to file their tax returns either by mail or online.
  • Choosing a preparer. The IRS has several options for finding a tax preparer. One resource is Choosing a Tax Professional, which offers a wealth of information for selecting a tax professional. The Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help taxpayers find preparers in their area who currently hold professional credentials recognized by the IRS or who have an Annual Filing Season Program Record of Completion.
  • Interactive tax assistant. This tool has recently been updated with answers to even more tax questions. It can also help a taxpayer determine if a type of income is taxable. Many people experienced changes to income and other life events in 2020. This tool can help them find tax credits and deductions.

Taxpayers may qualify for the child tax credit and child and dependent care credit. Those who are not eligible for the child tax credit might be able to claim the credit for other dependents. Individuals paying higher education costs for themselves, a spouse or a dependent, may be eligible to save some money with education tax credits or deductions. Additionally, low- to moderate-income taxpayers may qualify for the earned income tax credit.

  • Where’s My Refund? Taxpayers who have filed a return and are waiting for their refund can use Where’s My Refund? to check the status of a refund payment. This tool is available at IRS.gov or through the IRS2Go app. Updates are available within 24 hours after the IRS receives an e-filed return or four weeks after the agency receives a mailed paper return.

Taxpayers should file electronically and choose direct deposit for the most accurate and fastest way to get their refund. People who don’t have a bank account can visit the FDIC website for information and help opening an account online.

  • View federal tax account information online. Individuals can visit IRS.gov to set up their account. If they already have a username and password, they can log in to view their federal tax account balance, payment history and key information from their most recent tax return as originally filed. Before accessing their account for the first time, taxpayers must authenticate their identity through the secure access process.
  • Pay a tax bill. The IRS offers several ways for taxpayers to pay their taxes including online, by phone or through the IRS2Go app. Direct Pay is free and a safe way to pay taxes or estimated tax directly from a checking or savings account. Direct Pay has five simple steps to pay in a single online session and is also available with the IRS2Go mobile app.

More information:
Publication 5348, Get Ready to File
Publication 5349, Year-Round Tax Planning is for Everyone 

Tax

Tax Exempt Status?? Check out what you can do online now for the first time.

https://www.irs.gov/newsroom/irs-revises-form-1024-a-application-for-section-501c4-tax-exempt-status-as-part-of-ongoing-efforts-to-improve-service?s=09

Tax, Tax Prep, Tax Preparation - All Year Long, TAXES - INDIVIDUAL & SCH C

Got Your W2’s?

GBC Tax Pros

Assistance Available, Business Topics, Covid 19, IRS - Tax Tips, Tax

Miss an EIP payment from the IRS in 2020? There may still be an opportunity to claim.

https://www.linkedin.com/posts/irs_irs-getready-taxes-activity-6739539122349727744-Xob3

Business Topics, Covid 19, Payroll, Payroll Taxes, Quickbooks, Record Keeping, Tax, Tax Prep, TAXES - INDIVIDUAL & SCH C

End-of-year checklist for small businesses | QuickBooks

https://quickbooks.intuit.com/r/business-planning/end-of-the-year-checklist-for-small-businesses/?cid=soc_employee-ambassador&utm_channeltype=LinkedIn

Business Topics

The 2020 Tax Brackets Guide: Key Changes That You Need to Know

https://wp.me/pbkXMs-1Mg

Business Topics

Self Employed? Independent Contractor??

It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors.

Please see IRS – SELF EMPLOYED CENTER for additional clarifying information.

Determining Whether the Individuals Providing Services are Employees or Independent Contractors

Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.

Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services. The person performing the services may be –

In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered.

More information available here

Business Topics

2020 – Do You Need to Borrow Funds from Your Retirement Account?

Individuals eligible to take coronavirus-related withdrawals from workplace retirement plans may also, until Sept. 22, 2020, be able to borrow as much as $100,000 from those retirement plans. https://go.usa.gov/xfUbu#IRS#COVIDreliefIRS

See The Following Links for More Information

IRS – #CovidRelief – Do You Need A Loan From Your Retirement Acct?

IRS – Notice 2020-50

Business Topics

FSA’S, & The Changes due to Covid

https://www.thepennyhoarder.com/save-money/fsa-pandemic/?aff_id=178&aff_sub3=MainFeed__save-money/fsa-pandemic/