Eligible employers may claim a quarterly credit against Social Security taxes equal to 50% of up to $10,000 in qualified wages per employee.Continue reading “CARES Act: Employee Retention Tax Credit – Tax Implications for Businesses and Individuals due to COVID-19”
Corporate installments of Estimated Tax Payments are generally due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on
the next regular business day.
The Corona virus Aid, Relief and Economic Security (CARES) Act will let taxpayers deduct up to $300 in charitable donations from their taxable income if the taxpayer normally takes the standard deduction. Continue reading “CARES Act: Expands Charitable Giving Tax Deduction. Tax Implications for Businesses and Individuals due to COVID-19”
Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020
WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Continue reading “Economic impact payments: What you need to know”
The Treasury Department and Internal Revenue Service announced March 21st 2020 that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Continue reading “Tax Day now July 15 2020: IRS extend filing deadline and federal tax payments regardless of amount owed”
If you carefully read the Tax Registration Information notice you received from the Department of Revenue – WA after you applied for your new business licence, you may have noticed on page two a section on Personal Property Tax. See example below
The IRS filing deadlines are as follows for 2019 returns:
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
Read the information below to find out when your tax return is due. If the due date falls on a weekend or legal holiday, the due date is extended to the next business day.
Earlier this month, the Treasury Department and the Internal Revenue Service issued final regulations regarding the new 20% deduction on qualified business income Sec 199A.Continue reading “Qualified Business Income ( 20% QBI) deduction for Rental Properties and Real Estate Professionals”