IRS reminder: Filing and Payment Deadline Extended to July 15, 2020. If you need additional time we can help you file an extension. Corporations can request a filing extension to September 15th and individual taxpayers can request a filing extension to Oct. 15. If you need help with filing your taxes or extensions, please call our office to talk to a tax professional. 360-882-3978
IRS.GOV
Payment Deadline Extended to July 15, 2020 | Internal Revenue Service
Today President Trump signed the law to Ease PPP Loan Rules.
You now have 24 weeks to spend your funds, up from eight weeks
You need to spend 60% of the loan on payroll, down from 75%.
The covered period of the loan now ends Dec. 31 instead of June 30.
Read more here:
https://www.forbes.com/sites/advisor/2020/06/05/president-trump-signs-law-easing-ppp-loan-rules-6-things-to-know/#bebb2553cb36
FORBES.COM
President Trump Signs Law Easing PPP Loan Rules: 6 Things To Know
Voice your choice for the Best of Clark County May 3rd-17th!
COLUMBIAN.COM
Best of Clark County 2020
Please take a moment to vote for your favorite tax service! 👍🏼
COLUMBIAN.COM
Best of Clark County 2020
Many taxpayers may be wondering how to get their payment as soon as possible, and most of you don't have to do anything. Read more here.....
https://www.irs.gov/newsroom/most-economic-impact-payments-are-being-sent-automatically
IRS.GOV
Most Economic Impact Payments are being sent automatically | Internal Revenue Service
If you are a self-employed Washingtonian that has lost due to COVID -19, you may now qualify for unemployment benefits. Read more from the Employment Security Department.
ESD.WA.GOV
ESDWAGOV - Unemployment for self-employed people - CARES Act
From the entire team at Linda's Tax Service, have a Merry Christmas and a prosperous New Year!! Here are some extended tax benefits for giving to charity's during 2020.
IRS.GOV
Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020 | Internal Revenue Service
The second round of Economic Impact Payments are being deposited.
IRS.GOV
Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans | Internal Revenue Service
Hit the link below for the most frequently asked questions we are getting in reference to COVID related tax credits.
https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs
Tax season is in full swing here at Linda’s tax Service and the health and safety for both our clients and our staff are our number one priority. We are offering a few options for this tax season:
Our in-office appointments which require wearing face coverings, temperature check and we enforce social distancing.
We also have several contactless tax preparation options, Drop-Off service, protected uploading to the Linda’s tax service portal, secure lockbox drop off and pick up, and lastly phone and virtual appointments.
Please call the office to get an appointment 360-882-3978
#taxoptions #letsgetyourtaxesfiled #safetyfirst #taxseason
The 2020 Unemployment bill waives federal taxes on an individual’s first $10,200 of unemployment for those who made less than $150,000.00 in adjusted gross income in 2020.
What if you filed your 2020 Return already?
o Your preparer is going through their clients who have already filed who had unemployment compensation and will be contacting you to discuss amending your 2020 return. Amendments will be happening in May.
Have not filed your 2020 Return?
o We have held off on filing your 2020 return until we receive further instruction from the IRS on how to file, and what needs to be done to follow the new tax bill to file appropriately. Your tax preparer will reach out to you with further information.
2021 Economic payments are being sent out. Check when and how your payment was sent at the link below. ⬇️
IRS.GOV
Economic Impact Payments | Internal Revenue Service
The Senate has now approved the Paycheck Protection Program be Extend Until May 31! The extension bill will now be sent to President Biden’s desk for signature. Please contact our office if you need assistance with filing for your PPP Loan.
Did you already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you. For more details check out the complete article.
IRS.GOV
New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service
