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08/28/2021

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05/30/2020

The IRS and most states have moved their filing and payment deadlines to July 15, 2020. However, some states have deadlines that differ from the new IRS deadline. We are reaching out to remind you to check your state filing and payment deadline information.

Federal and Standard State Deadlines

July 15, 2020

States with Non-Standard Deadlines or Conditions

Virginia - June 1, 2020, Idaho - June 15, 2020

Hawaii - July 20, 2020, Iowa - July 31, 2020

Kentucky - Filing Deadline is July 15, 2020 but interest still applies to payments made after April 15, 2020

Disclaimer: These state deadlines are current as of May 12, 2020. States have adjusted deadlines and tax filing requirements as they've responded to their citizens' needs. For the most up-to-date information check with your state.

03/27/2020

As part of the recent $2 trillion stimulus package passed by Congress, most people will receive a check or direct deposit in the coming weeks and months.

According to the new law, the IRS is going to look first to your 2019 tax return to compute the payment. If no 2019 return has been filed, however, the IRS will grab your 2018 return instead. (If you receive Social Security and don’t need to file a return, the IRS will send you a payment based on your Form 1099-SSA).

Example 1. In 2018, A and B are married but have no children. Adjusted gross income for the couple is $200,000. In 2019, however, A and B have a child, and B takes a leave from work. As a result, income has dropped to $120,000.

Based on A and B’s 2018 return, they would receive no stimulus payment because their income exceeds the phase-out limit. Based on their 2019 return, however, they are entitled to a payment of $2,900 ($2,400 + $500). As a result, A and B should file their 2019 return as quickly as possible.

Example 2. C is claimed as a dependent on her parents’ tax return for 2018. In 2019, C graduates college and gets a job, and is no longer claimed as a dependent.

Based on C’s 2018 return, she is not entitled to any payment, because she is claimed as a dependent on another’s return. Based on her 2019 return, however, she is entitled to a stimulus payment of $1,200. As a result, she should file her 2019 return as quickly as possible.

Example 3. D, a single taxpayer, left the workforce in 2017 to go back to school. D was in school full time throughout 2018 and 2019, and as of yet, has not filed a return for either year. D should quickly file a 2019 return, even with no income, in order to generate a $1,200 stimulus payment.

In other scenarios, it will behoove you to delay filing your 2019 return until AFTER you’ve received the stimulus payment, a task made easier once the IRS delayed the April 15th filing deadline to July 15, 2020.

Example 4. In 2018, A and B have a 16-year old daughter and income of $120,000. In 2019, they have the same income, and their daughter has turned 17.

Based on A and B’s 2018 return, they are due a payment of $2,900 ($2,400 + $500). Based on their 2019 returns, however, the payment would drop to $2,400, because their daughter has turned 17. As a result, A and B should delay filing their 2019 return until they receive their payment.

Source:

The CARES Act provides stimulus payments to most taxpayers. How much you get, however, may depend on when you file your 2019 tax return.

05/22/2019

South Dakota, Vermont, New Hampshire and Massachusetts round out the top five states with the highest average credit scores for 2018. The lowest score, 652, belonged to those living in Mississippi. Louisiana, Nevada, Georgia and Texas are all in the bottom of Experian's ranking as well, with scores of 659 or below. Those living in Minnesota have an average score of 713, which falls into the "good" range of scores between 670 to 739, according to Experian.

04/14/2019

Federal income tax returns are due April 15, 2019 for most taxpayers.

01/26/2019

Last year's tax overhaul dramatically changed the tax laws, and now tax preparers and makers of tax software are expecting customers to be hit with all sorts of emotions, and maybe no refund.

09/15/2018

The new policy does away with the obligation for officers to send notifications to applicants with missing documentation.

07/25/2018

Don’t cancel your health insurance yet

The tax bill doesn’t eliminate the penalty until 2019. That means that those who forgo health insurance for 2018 could still face a penalty. The penalty for not having health insurance this year is $695 per adult or 2.5 percent of household income, whichever is greater.