What to do if you can’t afford to pay
Life is unpredictable, especially during a pandemic. If you weren’t able to pay your return timely for whatever reason, don’t panic. Here are some tips to help: Even if you can’t pay, you should still file your return. There is a penalty for late-filing a return, and it is based on how late the return…
Paper Filing your Return? Expect to wait longer
The extended tax filing deadline of July 15th has arrived. Due to closed service centers and limited staffing resulting from the pandemic, IRS has severely fallen behind on processing paper returns and answering phones. IRS says that they are processing paper returns in the order they are being received, but that still doesn’t help the…
One Week to Filing Deadline
The 1040 filing deadline is one week away. If you still have not filed or started gathering your information, there are two big things you can do to make your life easier down the road. First, file an extension. Your return deadline can be extended to October 15th, 2020, but only if you ask. You…
Five Quick Facts about Donations
I donate, you donate, we all donate. Here are five quick facts about donations and your 1040 taxes: Donations are only tax deductible if they are through a qualified charitable organization. Before you donate, you can ask the organization or check them at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search. Donations to individuals are NEVER deductible. While it is kind to…
Can I deduct unreimbursed employee expenses?
“My last accountant told me I can’t deduct unreimbursed employee expenses, so I didn’t keep track of them.” This is a very common comment from new Clergy Financial Resources clients, and potentially a very costly error. While the Tax Cuts and Jobs Act did remove this schedule A deduction for the majority of employees, accountants…
Estimated Payments Clarified!
When IRS first extended the filing deadline, they also extended the first estimated payment of the year. Initially they did not extend the second estimated payment, but they have since changed this, leaving a lot of taxpayers in a lot of confusion. Here are some of the most common questions about 2020 estimated payments clarified:…
IRS Confirms It Has No Plans To Extend The Filing Deadline
The Department of the Treasury and the Internal Revenue Service have announced that the 2019 tax filing deadline remains July 15, 2020. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15, 2020, to July 15, 2020. Ministers who cannot meet the July 15 due date…
Five Quick Return Double-Checks
Are you getting ready to file your 1040 return by the July 15th deadline? Here are five quick things to double-check before submitting your return. Double check your name and Social Security number. Though it may seem common sense, this is especially important for people who have changed their name during the year or for…
What is an “Estimated Tax Penalty”?
An estimated tax penalty is a fee that IRS can charge you if you don’t pay your taxes in smaller increments throughout the year. Most W-2 wage earners don’t realize it, but their withheld tax is being sent to the government by their employer on a quarterly, monthly or semi-weekly basis. For self-employed individuals (like…
The New PPP EZ Application
I think it’s important to first determine if you qualify for the EZ PPP Loan Application before getting bogged down in some of the other provisions and rules. The whole goal of the EZ App is to require less documentation, fewer calculations, and simplifies the process dramatically for a large number of business owners. EZ…
