Professional Tax & Bookkeeping Solutions, LLC

Internal Revenue Service on LinkedIn: #irs is doing everything to help taxpayers during this filing season, including opening on certain Saturdays for face-to-face assistance. See details at…

Sometimes you just need a little extra time. Apply for an extension to file your federal tax return.

Please be aware that:
• An extension of time to file your return does not grant you any extension of time to pay your taxes.
• You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
• You must file your extension request no later than the regular due date of your return.

To learn more about applying for an extension to file, visit: www.irs.gov/extension

The IRS is improving the taxpayer experience and level of service through chat and voice bots. Get A Closer Look at how this technology can help you. http://ow.ly/whhF50KX9ww

Scammers are always on the prowl. Criminals impersonate charities to get your money or private information. Scammers operate bogus charities that solicit money or information by phone, email or through social media sites. Don’t be tricked: before you donate, the IRS urges you to verify that you’re giving to legitimate charities. www.irs.gov/teos

IRS urges you to prepare for natural disasters by securing and duplicating essential documents, creating lists of property and knowing where to find important info. Prepare now to protect yourself in the event of a disaster situation:
• Create emergency plans.
• Create electronic copies of documents.
• Document valuables.
• Know where to go.
• Remember, the IRS is ready to help.

To learn more, click here: http://ow.ly/taxi50KuuYE

Don’t let filing your taxes distract you from your summer plans. If you requested an extension, you have until Oct. 17 of this year to file your tax return. However, if you have all the necessary information to file an accurate return, filing now would definitely be a good idea. To get started, click here: http://ow.ly/TLqS50Jon5M

Know the difference between standard and itemized deductions? Choosing between taking the standard deduction or itemizing your deductions can be confusing. The standard deduction may be quicker and easier, but itemizing deductions may lower taxes more in some situations. Check out this IRS tip to decide what’s best for you: https://go.usa.gov/xsjFR

Your filing status helps determine several things about your tax return, like your eligibility for certain credits. It’s important to choose the correct status. Choosing the wrong one can cause a delay in your refund. Learn more about the different filing statuses and which one fits you best. www.irs.gov/filingstatus

Need a fresh start? Explore careers and see which jobs are a natural fit for your current skillset: https://www.myskillsmyfuture.org/

We have some bad news about the $3,600 stimulus payments you’re about to start getting There’s an old joke that goes something like this. What are the nine scariest words in the English language? Answer: “I’m from the government, and I’m here to help.” The implication is pretty straightforward. The point is that the sprawling federal bureaucracy and its army of representativ...

Help IRS spread the word: Many Americans experiencing homelessness qualify to get all 3 stimulus payments. Those who have not yet received any payments should check their tax filing options and claim the Recovery Rebate Credit: http://go.usa.gov/xsm7B

Apply for PPP Loans (SBA Paycheck Protection Program) | Womply Navigate the latest round of SBA’s PPP program and connect with SBA-authorized lenders to get PPP loans for COVID-19. Sign up now and be the first to apply.

COVID-19 Economic Injury Disaster Loan This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

Self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly are reminded that the payment for the first quarter of 2021 is due Thursday, April 15, 2021..

https://www.nstp.org/article/ICYMI%3A%20Reminder%20for%20April%2015%20Deadlines%20%E2%80%93%20Estimated%20Tax%20Payments%20and%20FBAR%20Filings

A large number of Economic Impact Payments will be mailed, so IRS reminds taxpayers to watch the mail carefully for either a paper check or a prepaid debit card. If you’re waiting for your payment, see https://go.usa.gov/xsM6D

Tax Day is extended to May 17, 2021. IRS urges taxpayers who are due a refund to file as soon as possible. To learn more, click here: https://go.usa.gov/xsAEB

IP PINs for Everyone: How This IRS Security Tool Could Help Protect You From Identity Theft The IRS has now given taxpayers a new tool to help prevent tax-related identity theft: an Identity Protection Personal Identification Number.

How to Start a Side Hustle: Take the First Step The first step to starting a side hustle is the scariest, toughest, and most necessary. Here's how to get going.

How to Create Business Momentum Whether you are starting a business or been at it for a while, one key to success is for your business to find momentum.

If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit. You must file a 2020 tax return to claim this credit even if you don’t normally file. Most folks who were eligible for the Recovery Rebate Credit have already received the full amount in two rounds of Economic Impact Payments. All Economic Impact Payments have now been issued. Click here to learn more: www.irs.gov/rrc

IRS giving Texans until June to file taxes following winter storm Due to last week's storm, the IRS says it's giving Texans an extension to file their taxes, and said you can claim storm damages on your tax returns.

The 2021 tax filing season begins Feb. 12; IRS outlines steps to help speed refunds during pandemic. See: https://go.usa.gov/xAVaG

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

People claiming the Earned Income Tax Credit could have income from services provided, farming, a home-business or other work. See eligibility rules for : http://irs.gov/eitc

Earned Income Tax Credit (EITC) | Internal Revenue Service If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.

TaxPayer First Act TaxPayer First Act overview of TXS for stakeholder use (irs.gov)

New COVID-19 Employer Tax Credits The Employee Retention Credit Publication 5419 (Rev. 12-2020) (irs.gov)

It's Tax Season, are you ready?

There are several important dates taxpayers should keep in mind for this year's filing season:

January 15. IRS Free File opens. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12. Tax software companies also are accepting tax filings in advance.

January 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

April 15. Deadline for filing 2020 tax returns.

October 15. Deadline to file for those requesting an extension on their 2020 tax returns