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…

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…

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.…

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…

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…

Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a…

Everything you do can have tax implications. If you change jobs, it can affect your total income, either up or down depending on the new job. Marriage, divorce, birth of a child, adoption, or the death of a spouse will change your tax situation. If you sell your home, you may be subject to capital…

Article written by Kara Perez for Investor Junkie Newsletter A Roth IRA is a type of retirement-focused investment account that lets you withdraw your earnings without paying a tax penalty. But there are specific rules you must follow for making contributions and withdrawing funds. While Roth IRAs are handy accounts, they may not be the…

This article was written by Michelle Brownstein, CFP and published by Kiplinger. The term “boomerang kids” has, unfortunately, become part of the popular lexicon to describe grown children who leave their parents’ home only to return when they aren’t able to achieve financial stability as an adult. According to the Pew Research Center, only about a…

By now you should be receiving your tax documentation for preparing your income taxes. Make sure you have your W-2’s, 1099’s for miscellaneous income and for IRA withdrawals, social security statements, mortgage statements showing interest and property taxes. Other items can include student loan documents as well as 529 contributions. If you have a small…