IRS extends more tax deadlines
As you know, many tax filing and payment deadlines have been extended until July 15 as a result of the COVID-19 health crisis. At the time these extensions were announced at the end of March, they covered federal individual income tax filing and payment dates, as well as first quarter estimated payments that would have been due April 15. […]
Tax filing deadline extended until July 15
President Trump announced today that the April 15 individual tax filing deadlines will be extended until July 15 in light of the disruption from the coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin announced the tax payment deadline would be extended 90 days. Now, as a result of this most recent news, both the tax […]
April 15 tax payment deadline extended
Treasury Secretary Steven Mnuchin announced that individuals can defer tax payments up to $1 million and corporations can defer tax payments up to $10 million for 90 days. The $1 million limit for individuals was established to cover small businesses and pass-through entities. The payment deadline extension is in response to the COVID-19 outbreak. At the time […]
Does my working teen still qualify as a dependent on my taxes?
My teens got their first jobs this year. When do they no longer qualify as dependents? Is there an income maximum they shouldn’t exceed or else it has unpleasant tax repercussions for the parent? Whether you are the parent or the teen, landing that first job is a milestone for most families. While the younger […]
Four common tax errors that cost business owners
It’s a new year and the perfect time to get your financial house in order. Business owners have so much on their plates, that staying organized throughout the year is the best way to make sure nothing important falls through the cracks when it comes time to pay taxes. Accidentally failing to comply with tax […]
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 […]
Beware the Ides of March — if you own a pass-through entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until […]