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Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Good records help:
Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from nonbusiness income and taxable from nontaxable income.
Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes.
Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professional can also help avoid errors. Mistakes can result in a processing delay or a balance due notice, which could mean additional delays or require filing an amended return.
Here are some important things employers should remember when preparing tax returns or claiming credits.
With the filing deadline around the corner, the IRS reminders members of the military that they may qualify for special tax benefits. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.
Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the case every year, many Americans will still need more time to meet their tax-filing obligation.
The IRS urges low- and moderate-income individuals and families, especially those who don’t normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like the recovery rebate credit and Earned Income Tax Credit.
Taxpayers who are not required to file should still consider doing so to get money they are due.
WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.
“The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on May 17. We want to help people get these refunds, but they will need to quickly file a 2017 tax return.”
The IRS started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically by direct deposit and through the mail as a check or debit card.
Many people will receive the third payment the same way they received the first and second Economic Impact Payments. Because these payments are automatic for most eligible people, there’s no need to contact financial institutions or the IRS. People can check the Get My Payment tool on IRS.gov for status of their third stimulus payment.
The widespread closing of stores and businesses in the United States and around the world due to the coronavirus is unprecedented. Stores, factories, and many other businesses have closed by policy mandate, downward demand shifts, health concerns, or other factors. Many of these closures may be permanent because of the inability of owners to pay ongoing expenses and survive the shutdown. The impact on small businesses around the world is likely to be severe. OOIDA and Land Line Media are compiling the latest updates from federal and state governments on the COVID-19 coronavirus outbreak. Bring you this exclusive content for you here in this blog.
The IRS has come in cover of the victims of recent Texas winter storms by extending the March 15 and April 15 due dates till June 15 and the detailed announcements as follows;
Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.