Oct 15th Tax Extension Deadline & PPP Loan Updates
Sanjiv Gupta CPA - 18 days ago
Oct 15th is the Tax Extension Deadline !Have you filed your 2020 Tax Return?Sanjiv Gupta CPA gives us the updates for Oct 2020 in today's video. Sanjiv will talk more about the PPP loan updates in the next week webinar.You can register for this FREE webinar here.>>>> https://sanjivcpa.10xssl.com/ppploanforginesswebinarOct 24th, Saturday @ 10 am.
Can’t Pay Your Taxes? Get Help From IRS
Sanjiv Gupta CPA - 8 years ago
Those that fall under the ax of taxation will tell you how difficult it is to cope with inflation on one hand and to abide by taxation policies on the other. Nonetheless, there is no exception to paying taxes. But then there is good news – Those that have genuine monetary problems can appeal to the IRS to reduce taxes. Provided the tax filer provides original documents and proofs to support his claim, the IRS can also provide potential tax relief programs.Most of you, I assume, know that evading or missing the payment of taxes is considered a crime. Paying taxes is mandatory for everyone as it the source of government revenue. The government, therefore, has given the responsibility to the internal revenue system or IRS to make sure that everybody files their tax return. While it is a criminal offense not to submit your taxes, the IRS shows a certain amount of leniency for those who are financially distressed and cannot file their taxes.Distressed taxpayer? IRS can helpThe internal revenue service identifies those people who have missed their tax payment owing to severe financial distress as distressed taxpayers. The IRS has devised certain relief measures for these distressed taxpayers. Here is how the IRS can help distressed taxpayers:Flexibility: If a person is unable to pay his taxes on time due to certain financial difficulties then the IRS provides him with a more flexible payment plan. If the IRS identifies you as a distressed taxpayer then they can either provide you with a flexible installment plan for your taxes, reduce the amount you have to pay and in some situations allow the complete nonpayment of the installment.The offer in compromise: The IRS in many situations comes to an agreement with the distressed taxpayer if the taxpayer can show that his expenditure is more or equal to his income. But in some cases, there can be a problem, especially if the taxpayer has equity in real estate. The IRS finds that the real estate measurements to identify if a person is in a state to pay his taxes can at times be unreliable which in turn causes certain problems for the offer in compromiser to be accepted by the IRS. But to solve this problem the IRS is trying to introduce another review of information gathered about the financial condition of the taxpayer so that the IRS can correctly asses if the offer in compromise can be applicable for that individual.Preventing defaults in offer in compromise: In many situations, the IRS face defaults even in the amount agreed to be paid in the offer in compromise terms. In such conditions, the IRS has a special team that will help the individual to find out ways to pay the agreed amount of taxes and not be a defaulter.Delaying collection: If an individual has recently faced a serious financial crisis, the IRS in some cases delays the date for tax payment. They do not need any kind of documentation for implementing such actions and can be taken by the employees to ease out the financial burden on the taxpayer.Speeding up levy realizes: In many cases if the distressed taxpayer requests an emergency quick levy release, the IRS relaxes the requirements from the taxpayer and allows an expedited delivery of the levy release. However, the taxpayer must provide the IRS with a fax number of the bank or the employee handling the levy when asking for an expedited levy release delivery.Here are a few ways the internal revenue service can help distressed taxpayers. While paying taxes is compulsory these measures relieve a lot of the burden from those facing serious financial hardships. Moreover, the additional review of the offer in compromise and the delaying of the collection action give more time to the taxpayer to get help from the IRS and to pay their taxes. IRS’s laudatory efforts to help the distressed taxpayers will surely help them to a great extent.
Estimated Tax Deadline Is September 15th for the 3rd Quarter
Sanjiv Gupta CPA - 5 years ago
Uber driver or involved in some kind of consulting work? Whether you’re working as a 1099 contractor or enjoying making money from renting your spare room, don’t forget you may need to pay estimated taxes. The upcoming 3rd quarter estimated tax deadline is Tuesday, September 15th.Are you ready to make the estimated tax payment? If not, let me give you a few suggestions.Do I Need To Pay Estimated Taxes?We are required to pay our taxes as we earn our income. Our federal and state government expects tax payments throughout the year. This is the primary reason why taxes are regularly withheld from the employee's paychecks.If you are Uber Driver, Renting Your Home on Airbnb, Self-Employed as a freelancer, contractor or home-based entrepreneur you most likely don’t have your taxes withheld from your pay (we strongly recommend that you check with your tax professional and file timely payroll) throughout the year. That is why you are subject to estimated tax payments. If you think you will owe more than $1000 in taxes this year or 10% more than your last year taxes than you should pay the estimated tax.Due Dates for the Estimated Tax PaymentsHere’s the schedule:1st Quarter (January 1 – March 31): April 152nd Quarter (April 1 – May 31): June 153rd Quarter (June 1- August 31): September 154th Quarter (September 1 – December 31): January 15As always, If the 15th falls on a weekend or a holiday, then the due date is the next weekday.How Can I Pay Estimated Tax Payments?Here are a couple ways to make the tax payments.In our office, we use the Electronic Federal Tax Payment System (EFTPS), which is the fastest and easiest way to make your estimated tax payments. it’s also free.Our post offices are still operating (who knows till in current financial condition) so you can still mail in your payment. The IRS has specific mailing addresses based on the state where you live. Make sure that your payments are postmarked by the due date to avoid penalties.Important Note about estimated taxes: Keep a record of all your estimated tax payments. Your CPA will ask for this at the end of the year to enter the estimated taxes paid when you file your taxes.Have a question Estimated TaxesPlease feel free to ask your estimated tax question on the Facebook page.
No Events To Show
No Deals To Show