As such, it's always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare:
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If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know:
The federal tax deadline is quickly approaching. If you owe money to the IRS - including estimated and other business taxes - here are six options for quick and easy electronic payments:
If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The deadline is normally June 15.
When filing a tax return, mistakes such as the common errors listed below can result in a processing delay - and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best way to avoid this. With this in mind, here are eight of the most common errors taxpayers make when filing their returns:
With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it's often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let's take a closer look at how crowdfunding works and how it could affect your tax situation.
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer.
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum extent possible, in-person contact will be avoided; however, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017, and, as a business owner, they could affect your tax situation. Let's take a closer look: