100% bonus depreciation rules
ACCOUNTINGTODAY.COM
IRS finalizes 100% bonus depreciation rules
National Society of Tax Professionals
23 September at 18:10 ·
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) allows qualifying small business owners to receive Paycheck Protection Program (PPP) loans in order to stay in business and pay their employees during the Coronavirus epidemic.
https://www.nstp.org/article/Information%20Reporting%20Requirements%20for%20PPP%20Loans
Educator Expense Deduction – Did You Know?
If you are a teacher, principal, counselor, or classroom aide who works at least 900 hours a year in a state-accredited school (grades K-12), you may qualify for the Educator Expense Deduction. This IRS rule allows you to deduct up to $250 on your tax forms ($500 for joint filers who are both educators, but not more than $250 each) for classroom supplies that you purchase at your own expense.
Allowed expenses include traditional school supplies like rulers and markers, computer equipment and software, along with specialty items like athletic gear for physical education classes. A qualified tax advisor can help you determine which of your expenses qualify for the deduction.
You may not have to itemize deductions in order to claim the Educator Expense Deduction, but the IRS does require that you have written evidence for every expense. During this hectic back-to-school period when classroom expenses are most likely to occur, it is important to remember to save your receipts.
Quarterly Estimated Tax Payments - Reminder
If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31 quarter of the year is September 15.
For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.
If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be considered on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.
DRAKESOFTWARE.COM
Tax Relief for Wildfire and Hurricane Victims
Drake Software
October 20 at 4:02 PM ·
The IRS is giving wildfire and hurricane victims additional time to meet certain filing and payment deadlines.
Drake Software
October 20 at 4:02 PM ·
The IRS is giving wildfire and hurricane victims additional time to meet certain filing and payment deadlines.
DRAKESOFTWARE.COM
Treasury Says SBA Has Simpler Forgiveness Application for Certain PPP Loans
Drake Software
October 16 at 8:15 AM ·
The Treasury Department says the SBA has a simpler Paycheck Protection Program loan forgiveness form for loans that are $50,000 or less.
Drake Software
October 16 at 8:15 AM ·
The Treasury Department says the SBA has a simpler Paycheck Protection Program loan forgiveness form for loans that are $50,000 or less.
Wishing you and yours a safe, healthy, and prosperous new year!
From MTG Accounting
The rollout of the checks, will amount to $600 for single taxpayers and $1,200 for married couples and $600 for each additional child.
ACCOUNTINGTODAY.COM
IRS and Treasury start depositing stimulus payments
"Christmas isn't a season. It's a feeling." —Edna Ferber
Merry Christmas everyone!
'Tis the Season for Important Tax Paperwork
Keeping your records organized will help make sure you don't miss out on valuable deductions when it is time to file.
Some documents to be on the lookout for:
- Wage and income statements (like W-2 or 1099-MISC)
- Health Insurance statements (like Form 1095)
- Proof of qualifying educational expenses (like Form 1098-T)
- Mortgage interest statements
- Retirement distribution statements
- Investment account statements
- Charity donation receipts
How to Set Yourself Up for a Hassle-Free Tax Season (4/4)
By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises:
Start Early!
The IRS opens for tax filing season tomorrow, February 12th. With all the unpredictability of life during a pandemic, staying ahead of the tax game is more important than ever. Assemble your records as soon as possible. If you have any questions, a tax advisor can help you identify and organize the documents you need. Tax professionals will have far greater availability early in the tax season than at the last minute.
How to Set Yourself Up for a Hassle-Free Tax Season (3/4)
By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises:
Be Aware of Refund Interest And Stimulus Payments
Because the processing of some tax refunds was delayed in 2020 due to the pandemic, the IRS paid interest to many refund recipients. Unlike refunds themselves, these interest payments are classified as taxable income. If you received a tax refund interest payment, the IRS will send you Form 1099-INT in January, which you will need when preparing your return.
Recipients of a 2020 Economic Income Payment (EIP, also called a stimulus payment) should have also received IRS Notice 1444, Your Economic Impact Payment. Make sure to keep this notice handy. If your EIP amount was lower than it should have been, Notice 1444 will give you the information you need to claim a tax refund for the balance owed to you.
With MTG Accounting, you can improve your profits and save on taxes! Who doesn't love to save money? That's why you should start with us for this upcoming tax season. Contact us today to get started!
Phone number: 570570-359-4420
Email: maria@mtgaccounting.net
#AccountingService #PoconoAccounting #TaxSeason #PersonalTaxes #Bookkeeping #Payroll #Taxes #Payroll #Finance #PoconoProud #PoconoChamber
How to Set Yourself Up for a Hassle-Free Tax Season (2/4)
By taking a few simple steps now, you can greatly reduce uncertainty and stress during the 2020 tax filing season. These actions will help set you up to complete your return efficiently, without unpleasant surprises:
Organize Records of Other Potentially Taxable Transactions
The sale of major assets like stock, a house or any other “big ticket” item may yield a taxable capital gain. Many cryptocurrency transactions (such as buying and selling Bitcoin) also have tax implications, since the IRS classifies cryptocurrencies as property. Make sure you have complete records of all your significant financial and property transactions during 2020.
It's tax time! Beat the rush and files your taxes early with MTG Accounting, LLC. We offer a high-quality accounting service to ensure your taxes are filed appropriately. Give us a call at 570-359-4420 and get your first consultation free!
#AccountingService #PoconoAccounting #TaxSeason #PersonalTaxes #Bookkeeping #Payroll #Taxes #Payroll #Finance #PoconoProud #PoconoChamber
If you have received a Form 1099-G for unemployment benefits you didn't applied for, contact your state because their identity may have been stolen.
ACCOUNTINGTODAY.COM
IRS warns of identity thieves stealing unemployment benefits
