It's not too late to make your 3rd quarter estimated tax payment due today! See the excerpt from IRS on the methods to pay below:
For estimated tax purposes, the year is divided into four payment periods. You may send estimated tax payments with Form 1040-ES by mail, or you can pay online, by phone or from your mobile device using the IRS2Go app. Visit IRS.gov/payments to view all the options.
Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes. Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using EFTPS. If it’s easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you’ve paid enough in by the end of the quarter. Using EFTPS, you can access a history of your payments, so you know how much and when you made your estimated tax payments.
IRS.GOV
Payments | Internal Revenue Service
Double-entry bookkeeping is the accounting system where each entry to an account must have an equal and opposite entry to a different account – credits must equal debits, or it indicates an error.
Not paying your full balance of taxes on time can mean a late payment fee. To avoid this, make sure to file and pay your taxes on time. Contact us for any tax-related assistance.
We are trying to interpret how to implement the new executive orders, but the article below highlights one key aspect of the tax change. We will continue to post updates on these topics.
https://www.kiplinger.com/taxes/601197/what-trumps-payroll-tax-cut-will-mean-for-you
KIPLINGER.COM
What Trump's Payroll Tax Cut Will Mean for You | Kiplinger
If your tax situation is pretty complex and you need specialized advice and tips when it comes to planning and filing, then an enrolled agent is a good option. Enrolled agents specialize in complicated tax situations and are well trained in the details involved in complex tax laws.
If you were divorced in the past year, your income taxes may be affected, but not necessarily for the negative. The rules governing alimony and child support can be a bit bewildering, so let a tax preparation service guide you through.
Merry Christmas and Happy Holidays from all of us at Stephenson, LeGrand & Pfeil!
Business owners - please don't forget to file your 1099s by February 1st for your contractors. Also, note the new form - 1099-NEC, which is described in the article below:
https://www.forbes.com/sites/tomtaulli/2021/01/10/1099-nec-what-companies-need-to-know/?sh=4ca03e9a4f65
FORBES.COM
1099-NEC: What Companies Need To Know
The IRS extended the tax deadlines so Texans have until June 15th to file business and personal taxes due to the winter storm.
https://www.irs.gov/newsroom/irs-announces-tax-relief-for-texas-severe-winter-storm-victims
IRS.GOV
IRS announces tax relief for Texas severe winter storm victims | Internal Revenue Service
