As more taxpayers are receiving their stimulus checks, there are fewer using the Internal Revenue Service website. If you have not received your stimulus, go to www.irs.gov. In the body of the site, there are 8 options. The right-hand column, first option is “Get My Payment.” Click on that button and you will be taken…
Read More...Paying Indiana Income Tax
If you’re one of the millions of Indiana taxpayers filing online this season, the Indiana Department of Revenue (DOR) wants to make sure you know the best way to pay any Indiana income tax taxes that you may owe. One thing that trips up some taxpayers is the fact that fees charged by tax preparers…
Read More...Deadlines Delayed
Since the Internal Revenue Service and the Indiana Department of Revenue have delayed filing deadlines until July 15, 2020, there is no mad rush to get your taxes filed. That being said, the IRS is encouraging everyone to file as soon as possible. Your Economic Impact Payment is based on your 2019 tax filing. If…
Read More...Stimulus Assistance for Non-filers
This information comes from the Internal Revenue Service, dated 4/10/2020. For those who don’t normally file a tax return, the process is simple and only takes a few minutes to complete. First, visit IRS.gov, and look for “Non-Filers: Enter Payment Info Here.” Then provide basic information including Social Security number, name, address, and dependents. The…
Read More...Use Your Stimulus Check the Smartest Way Possible
BY PRACHI BHARDWAJ from Money Magazine APRIL 3, 2020 As you’ve probably heard, the U.S. government is about to put some extra cash in American taxpayers’ pockets. To provide much-needed relief in the midst of the coronavirus pandemic, lawmakers approved a multi-trillion-dollar stimulus package that includes checks of up to $1,200 per individual. The checks are expected…
Read More...Stimulus Package
I have received questions about the stimulus package. Here is the information I found and my best interpretation. Individual share of the package will be based on your 2019 tax return. If your return has not yet been filed, they will use the 2018 return. If a bank account is listed on the return, there…
Read More...Office Closed
Due to the Governor Holcomb’s Stay-At-Home Order, I have decided to close my office until April 6. At that point I will again start taking appointments and scheduling clients into my office. I am accepting appointments now on my website at www.pedersonaccountingservices.com. Click on Schedule. Just repeating, the Internal Revenue Service has extended the filing…
Read More...Tax Deadline is Approaching
Tax deadline of April 15 is fast approaching. Taxpayers must still file by April 15 but the Internal Revenue Service extended the payment date to July 15, 2020. Any unpaid balances on July 16 will begin to accrue interest and penalties. On March 17, the Indiana Department of Revenue stopped face-to-face help for tax preparation.…
Read More...IRS to pay visits to high-income taxpayers who fail to file
If you earn six figures and haven’t been filing your taxes, the IRS may come knocking. The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time. Revenue officers across the country will increase face-to-face visits with taxpayers who had…
Read More...Using an Experienced Preparer and Filing Electronically Can Reduce Errors
From the Internal Revenue Service Tip 2020-20 Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing…
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