Third quarter estimated tax payments for individuals in the USA are due September 15. We are back to the regular schedule after two delayed payments earlier in the year.
While the IRS has pushed the April 15 and June 15 deadlines for filing and paying personal tax returns and estimated taxes, NJ second quarter estimated taxes are still due June 15, while first quarter NJ estimated taxes and 2019 and NJ personal tax returns are due July 15.
NJ governor signs SALT workaround so that NJ businesses can deduct their NJ personal income taxes on their business returns, Now we will see what the IRS response this is. I will include this in my tax talk this Thursday morning at VBrgen Community College in Paramus, NJ
Fourth quarter estimated taxes are due Wednesday January 15.
Third Quarter Estimated Taxes are due Monday September 16 since the 15th falls on the weekend.
Spent two days at the Terrapin Virtual Accounting and Finance show, learning about best ideas from the pandemic on managing an accounting practice, plus the latest in tech tools.
Terrapin ran running another virtual accounting and finance show last week in Sydney, Australia and a vendor I met at the New York show last month invited me to attend. I am open to hearing other voices in other parts of the world discuss common issues in the profession. Do you take advantage of reaching out to overseas groups, building an international audience who may have local interests?
The Internal Revenue Service has clarified the rules regarding the deductibility of expenses incurred with Payroll Protection Program Loans that are expected to be forgiven. These expenses are not deductible in 2020 if there is an expectation that the loan will be forgiven in either 2020 or 2021. You can deduct the expenses in 2020 on an original return if you don’t expect to apply for loan forgiveness or didn’t get it, or on an amended 2020 return if forgiveness is denied in 2021.
Time to check your 2020 estimated taxes against your projected income. Required minimum distributions from retirement plans are waived for this year. Anticipated PPP loan forgiveness may increase taxable income when related expenses are not deductible.
Fourth quarter estimated taxes in the USA are due January 15.
After a pandemic year 2020, many entrepreneurs find they need additional support in 2021. Consider joining a peer to peer advisory group. My friend Sandra Holtzman of Marketing Cures is kicking off such groups now. Here is what she says:
Barbara Corcoran said if she had only one piece of advice to give an entrepreneur, it is to work with a partner, someone who you can use as a sounding board and can bounce ideas off of and who compliments your skills. No entrepreneur can do it all themselves*. That's why Franne McNeal and I started GPS - Mastermind, peer-to-peer advisory groups for entrepreneurs to grow their business with – find your business partners in a supportive environment.
*Harvard University Dept. of Psychology Study showed 95% of your success or failure is determined by the people you habitually associate with
APPLY NOW FOR A COMPLIMENTARY INTERVIEW TO SEE WHERE YOU FIT INTO THE GPS SUCCESS STORY - And we will send you one of our proprietary DIY self-audits. Learn more https://lnkd.in/gHkF9v6
OFFER.MARKETINGCURESGPS.COM
Marketing Cures GPS
As of now the personal income tax deadline for this year is April 15. There is still a chance that this could change. One can apply for an extension of time to October 15 if you need more time. S corporation and partnership returns are due March 15 which can be extended to September 15.
The Internal Revenue Service has moved the April 15 deadline for individual tax returns to May 17. First quarter estimated taxes are still due April 15. Business and trust returns due April 15 have not had they due date changed either . No word on the states yet. Look for further updates.
