Schaefer Tax Service

01/22/2022

The IRS is coming into the 2021 tax season with a massive backlog of paper returns and correspondence! If at all possible, e-file and choose direct deposit of any refund, so the computers can handle it all.
If a person needs to look at your return for some reason, it could be months before you get your refund, or your letter answered. And if you try and call the IRS, allow plenty of wait time. And bear in mind that only 9% of callers actually got through to a real person last year.

01/22/2022

Here it is another tax season!
Most tax papers, like W-2s, 1099-INT's etc, will be mailed or otherwise delivered to you by Jan 31.
You may have gotten an Economic Stimulus Payment early in 2021. If you qualified but for some reason didn't get it, you can now claim it on your 2021 tax return. If you don't remember if you got one, check your bank statements or other records before you file your tax return.

03/04/2021

If you have not gotten both Stimulus Payments by now, you need to claim whatever you haven't gotten on your 2020 tax return. You should e-file if at all possible, paper returns will take a long time to process.
The IRS will NOT be sending out any more of the first two Stimulus Payments.

It's looking like Congress will pass another stimulus payment, but it's never a good idea to count your chickens until they hatch!

03/04/2021

Remember, your Stimulus Payments are not taxable!

01/23/2021

The IRS will be accepting Tax Year 2020 tax returns on Feb 12, 2021. It's a little later than usual, but they need the time to get all the updates from the legislation that Congress has passed recently.
If you use tax software, the company will more than likely accept your return and hold it until 2/12, if you prepare it earlier than that.

01/23/2021

Have you gotten your 2nd stimulus payment yet? Check its progress at IRS.gov, "Get my economic impact payment".

04/16/2020

www.irs.gov now has a Get My Payment information tool on their website. You can use it to check the status of your Economic Stimulus Payment, and to add your direct deposit information if you didn't have it in your 2019 or 2018 tax return! Some people have already gotten their payments direct deposited!

Non-Filers: Enter Payment Info Here Get My Payment Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

04/03/2020

If you are filing an Idaho income tax return, your due date is JUNE 15 2020, NOT July 15, which is the Federal deadline. Since the Idaho tax return gets much of its info from the Federal return, this may effectively mean Idahoans need to file by June 15.
However, your deadline to pay any federal taxes due will still be July 15.
Any Idaho taxes due need to be paid by June 15.

Other states nearby: Oregon, Montana and California have all extended their due date to July 15, same as the Federal. Washington and Nevada do not have state income taxes.

03/22/2020

It's Official! The deadline for filing AND paying your Federal income tax returns has been changed to July 15, 2020!

Take note: Your state may or may not conform to the federal rules on this. Already I am hearing of some that have moved their due date to June 15th, May 1, July 15, and many that haven't made any change, at least at this point. Be sure to check your state's due date!

And be careful you don't forget to file altogether! If you owe taxes the penalties for filing late can be steep!

01/28/2020

Just a reminder, due to side effects from Ed's cancer medications we have regretfully closed our Pinehurst office and consolidated into our Coeur dAlene office. We welcome our Silver Valley clients to stop by when they are in CdA, or you can contact us by phone/text (208-277-6268), e-mail ([email protected]), 'snail' mail, or fax (208-765-4580). Looking forward to seeing you!

01/28/2020

The IRS is urging everyone who has income tax withheld to use their "Withholding Estimator", on www.irs.gov. They say this will give you the most accurate amount to put on your W-4.
Don't forget your state taxes, many states now require their own W-4.

Do Your Taxes for Free Get Your Refund Status Get Your Tax Record View Your Account Make a Payment Renew Your PTIN Get Answers to Your Tax Questions Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Ot...

01/28/2020

Well, here it is time for another tax season. The IRS is now accepting e-files! W-2s and 1099s should be mailed out by Jan 31. Get your stuff together and come on in and see us!