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…

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.

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…

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.…

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…

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…

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…

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…

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…

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…