TaxMaster

01/25/2023

Thank you Coldwell Banker Vanguard Fleming Island & Oakleaf for joining us at The Club Continental for our recent Realtor Luncheon Workshop.

Knowledge is power! And in this case- as our TaxMaster Team shared tips for trust and estate planning, QBI deductions up to 20%, asset protection, tax savings opportunities, and more- knowledge can be money in your pocket!

11/24/2020

The CARES Act, which was signed into law this spring, included a “partial above the line deduction” for charitable contributions.

This allows people who take the standard deduction — which is $12,400 for single filers and $24,800 for married-filing-jointly in 2020 — to claim a deduction of up to $300 in donations.

This year, donate cash to charity and collect a deduction when you file your taxes in the spring. Here's what you should know

11/23/2020

Do you need some cash and you have been affected by COVID?

The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.

11/20/2020

Get your taxes straightened out now!

"...a surge in audits of companies ranging from mom-and-pop retail stores and technology startups to investment funds that have historically faced only infrequent checks thanks to the time and effort required at the IRS."

The enforcement push comes after years of persistently low examination rates.

11/19/2020

"A change in government administrations is weeks away, and many small businesses desperately want to get these loans off of their balance sheets."

Need advice on PPP Loan Forgiveness? Feel free to reach out!

https://www.forbes.com/sites/brianthompson1/2020/11/19/irs-clarifies-stance-on-no-deductibility-of-expenses-paid-with-ppp-funds/?sh=28ad2ffa528b

10/15/2020

We are proud to support our local schools by sponsoring Ms. Weir 3-d grade class at Paterson Elementary!

08/26/2020

Deadline to file and pay heavy highway vehicle use tax is Aug. 31!

The deadline to file and pay heavy highway vehicle use tax is Monday, August 31. All taxpayers who file Form 2290 are encouraged to do so electronically. Those with 25 or more taxed vehicles must e-file. All the information needed to file is on the Trucking Tax Center.
Don’t know if you need to file? Does your vehicle have a taxable gross weight of 55,000 pounds or more? Did you know you can claim a suspension from the tax when the vehicle is expected to be used 5,000 miles or less?

Taxpayers who e-file can get a stamped Schedule 1 within minutes after the IRS accepts the form. Due to COVID-19, those who choose to file on paper can expect a significant delay in receiving their IRS stamped Schedule 1.
To complete and file form 2290 you need:
• Employer identification number. Taxpayers cannot use their Social Security number. Anyone who doesn’t already have an EIN can apply online. Taxpayers should use the same name on their Form 2290 as was assigned to them with their EIN.
• Vehicle identification number of each vehicle.
• Taxable gross weight of each vehicle.
There are several ways for taxpayers to pay heavy highway vehicle use tax:
• Electronic funds withdrawal. Taxpayers can authorize a direct debit when they file electronically.
• Electronic Federal Tax Payment System. Using this system requires advanced enrollment.
• Check or money order. Mail Form 2290 and Form 2290-V, Payment Voucher, to:
Internal Revenue Service
P.O. Box 932500
Louisville, KY 40293-2500

Please contact us if you need help:

Doug Benefield
[email protected]
(904) 606-0300

Veronika Pell
[email protected]
(757) 405-4280

07/15/2020

If you have not heard from the IRS regarding a notice or paper file return, this could be why: "the IRS still contending with millions of pieces of unopened mail that have been sitting for months in trailers and are starting to be opened by IRS employees who have been required to return to work, despite cases of COVID-19 in some of the IRS facilities."

The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.

03/26/2020

If you have already filed your 2019 1040 and are setup for auto withdrawal of your balance due on 4/15/2020, you can move the payment to 7/15/2020 without interest and penalties.

Please reach out for help moving your payment!

03/26/2020

If you make IRA contributions to reduce your tax liability, you now have until 7/15/2020 to make those payments for the 2019 tax year

The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic.

03/25/2020

This is GREAT news from the IRS. Folks sometimes choose not to file tax returns because they think they owe and can't pay.

Given the outbreak, IRS is suspending compliance programs temporarily to ease the burden on people facing tax issues. IRS is postponing payments related to Installment Agreements and Offers in Compromise and limiting other enforcement actions. See www.irs.gov/coronavirus

03/19/2020

𝑮𝒐𝒐𝒅 𝑵𝒆𝒘𝒔!
We have been successful in convincing the IRS to give you until July 15th to file your return. Even better, they’ve agreed to wait on any taxes due, no interest, no penalties!

To qualify, you only need to file an extension, which we are pleased to do for the deeply discounted fee of only $29. To jump on this amazing offer, you only need to send us a message and we will get moving!