Tax News and Reminders
Yes I know Tax Season is officially over, but that doesn't mean there aren't tax items to be taken care of during the rest of the year. For individuals and small businesses there could still be items like estimated taxes, sales tax and payroll taxes to take care of. So here are a few reminders and some tax news you can use:
- 2nd Quarter Estimated Taxes are due June 15th. If you have not already done so, please make sure you take care of these for federal, state and local (where applicable). The IRS and most states and some local tax authorities have made it easier to make your estimated payments. They can be done online. Remember they are due by June 15th!!
- We are half way through 2021 which means next tax season is almost around the corner. Make sure you save any important letters or notices you receive from the IRS, state or local tax authorities. This will make it easier to prepare and file your returns during next tax season. Especially with all of the stimulus and child tax credit payment information that has been coming thanks to the American Rescue Plan.
- Speaking of Child Tax Credit, the IRS issued a statement about the Advanced Child Tax Credit. You can find the details here: Monthly Child Tax Credits. If you are eligible, you may start seeing monthly payments beginning in July through December. The rest of the child tax credit may then be calculated on your 2021 tax return. These credits will be based on your 2020 tax return, but if you haven't filed yet, it will be based on your 2019. So if you have extended your returns try to get them in sooner than later!
- Unemployment refund information from the IRS: Unemployment Refunds. If you filed your 2020 returns prior to the passage of the American Rescue Plan in March and you reported your Unemployment Income, you may be entitled to a refund. The IRS has already begun to issue refunds, but if you do not see a refund yet keep checking. In addition if you claimed child tax credits, you may have to file an amended return to get your Unemployment refund. Its best to check with a CPA or tax professional to see if you need to file an amended return.
Check back soon for more tax news and reminders!
Have a great summer!!
Samantha M. Besnoff, CPA has been in the accounting field for over twenty-five years and is known as Your Financial Maven. Check out her information here: www.yourfinancialmaven.com.