If a taxpayer can manage their Adjusted Gross Income (AGI) in 2021 to stay below $150,000 (or $75,000, if single), the tax savings related to even small reductions in AGI can be incredible. Here are just a few options for reducing AGI: Maximize contributions to a Section 401(k) plan, reducing wage income. Employees can contribute […]
10 Tips for 2020 Taxes
Last year Congress extended the deadline to July 15 because of the disruptions caused by COVID-19. This year however, the April 15 deadline was initially back in force, but according to reports you now have until Monday, May 17, to file your federal return (the state is expected to follow). Here are 10 Tips to […]
IRS: Steps for Filing in 2021
The Internal Revenue Service encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier in 2021. This year, there are some key […]
IRS Tax Deadline July 15
IRS July 15 Deadline: The deadlines to FILE and PAY 2019 federal income taxes are July 15, 2020, an extended deadline that will not be postponed, the Department of the Treasury and IRS announced July 1. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file […]
May 11 CVAR Connect
CVAR’s COVID-19 Resources REALTORS®: Updates & Guidelines What’s Happening at CVAR under COVID-19 restrictions IRS: Tax Relief for Business Latest COVID-19 Updates from C.A.R. Citrus Valley Association of REALTORS® is conducting all business remotely. Meetings and classes presented by CVAR will be online and free of charge (see available classes below). Legal Update Click this link to join […]
IRS May 5 Deadline for VA, SSI
People who receive Supplemental Security Income (SSI) and Department of Veterans Affairs (VA) benefits who have children need to act by May 5 to quickly receive the full amount of their Economic Impact Payment. Those who need to act are those who receive SSI or VA Compensation and Pension benefits and didn’t file a tax return […]
April 20 – CVAR Connect
CVAR’s COVID-19 Resource Guide What’s Happening at CVAR under the COVID-19 restrictions IRS: Tax Relief for Business Recent Updates & Guidelines for REALTORS® Latest COVID-19 Updates from C.A.R. Citrus Valley Association of REALTORS® is conducting all business remotely. Meetings and classes presented by CVAR will be online and free of charge (see available classes below). Virtual Staging Do’s […]
Ready to File? Tax Info From IRS
Ready to file your tax return and claim a refund? You don’t have to wait until the new July 15 IRS deadline to file. Electronic filing options are available, and you can get your refund faster with e-file combined with direct deposit: www.irs.gov/efile IRS LIVE STREAM – Don’t forget an IRS representative will be answering […]
IRS Extends 1031 Exchange, Opportunity Zone Tax Deadlines
The IRS issued guidance last Thursday to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19. 1031 Like-kind exchanges. […]
IRS Updates: Deadlines, Tax Credits
#TaxDay is now set for July 15: Treasury and #IRS are extending both the filing deadline AND federal tax payments, regardless of amount owed, without penalties and interest. All taxpayers — individuals, corporations, other non-corporate filers and those who pay self-employment tax — can also defer income tax payments. Taxpayers do not need to file […]