TAX NEWS UPDATES

Economic impact payments: What you need to know

Posted on by Yana Rudneva in FAQs

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” →

Tax Day now July 15 2020: IRS extend filing deadline and federal tax payments regardless of amount owed

Posted on by Yana Rudneva in Uncategorized

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” →

2020 QUARTERLY ESTIMATED TAX DUE DATES TO THE IRS FOR INDIVIDUALS

Posted on by Yana Rudneva in Due Dates

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.

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Qualified Business Income ( 20% QBI) deduction for Rental Properties and Real Estate Professionals

Posted on by Yana Rudneva in Uncategorized

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” →

Record keeping Requirements for Federal Income Tax – IRS

Posted on by Yana Rudneva in Uncategorized

Why should I keep records?

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. Continue reading “Record keeping Requirements for Federal Income Tax – IRS” →

2019 Quarterly Estimated Tax Payments Due to the IRS – Individuals

Posted on by Yana Rudneva in Due Dates

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.

If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date.

Continue reading “2019 Quarterly Estimated Tax Payments Due to the IRS – Individuals” →