Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information. The IRS will never initiate contact with taxpayers via email about a tax bill, refund or Economic Impact Payments. Don’t click on links claiming to be from the IRS. Be wary of emails and websites − they may be nothing…
Read More...Resuming Payments by July 15
WASHINGTON – The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements…
Read More...Claim Your Tax Refund from 2016
WASHINGTON – Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner…
Read More...Happy Independence Day
Wow! It is already Independence Day! A time when we remember and cherish the freedoms we have as citizens of the United States of America. This is also a reminder the tax deadline is looming, just 13 days away. There are many reasons to file your taxes. Economic Impact Stimulus Package is available to eligible…
Read More...Some Quick Tips from the IRS
Filing a tax return Taxpayers who earned $69,000 or less in 2019 can file using free brand-name tax software with IRS Free File. People who earned more and want to do their own taxes can use Free File Fillable Forms. These are the electronic version of IRS paper forms. Either way, everyone has a free electronic filing…
Read More...U.S. savings rate hits record 33% due to coronavirus
The coronavirus crisis has Americans hoarding more money than ever as widespread fear paralyzes consumer spending habits. The personal savings rate hit a historic 33% in April, the U.S. Bureau of Economic Analysis said Friday. This rate — how much people save as a percentage of their disposable income — is by far the highest since…
Read More...Tax Deadline is Coming!
Just a reminder for all who have procrastinated, the tax deadline is quickly approaching. July 15 is the magic date for the 2019 tax year. I have plenty of openings on my schedule so please go to www.pedersonaccountingservices.com to schedule an appointment or call me at 317-989-2708.
Read More...Economic Impact Payments in Form of Debit Cards
The Internal Revenue Service has announced that some Economic Impact Payments (stimulus money) will be arriving now in the form of a prepaid debit/credit card. It comes in a plain white envelope and appears to be a credit card offer. The card inside is loaded with $1,200.00 that must be activated on the website indicated…
Read More...IRS Offers Special Allowances Due to COVID-19
Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. • Existing Installment Agreements – Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed.…
Read More...Filing Taxes
Even with the extension of the filing dates to July 15, the Internal Revenue Service and the state of Indiana are encouraging all filers to get their taxes done. My office is open to help you through the process. If you owe money, you do not have to pay until July 15 but I really…
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