TAX NEWS UPDATES

2021 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR CORPORATIONS

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.

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2021 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR INDIVIDUALS

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.

Continue reading “2021 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR INDIVIDUALS”

2020 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR CORPORATIONS

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.

Continue reading “2020 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR CORPORATIONS”

CARES Act: Expands Charitable Giving Tax Deduction. Tax Implications for Businesses and Individuals due to COVID-19

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”