Omer Tax & Accounting

10/26/2020

The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, good enough, they say.

They are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, give us a call immediately.

Photo via Office of the U.S. Postal Service Inspector General One of the downsides of the Internal Revenue Service closing most of its offices earlier this year as a COVID-19 precaution was that taxpayer returns piled up. And it was a huge pile of mail, estimated at one point to be more than 12 mill...

10/23/2020

Keeping personal and business separate is extremely important for your taxes. While there is some room for dual purpose expenses, far-reaching claims are easy pickings for IRS auditors.

10/22/2020

"Hope someone can use some of these baseballs in the batting cages. I found them cleaning my garage. I pitched them to my son and grandson for countless rounds. My son is now 46 y/o and my grandson is 23 y/o. I am 72 and what I won't give to pitch a couple of buckets to them. They have both moved away. If you are a father cherish these times. You won't believe how quickly they will be gone.

God bless

P.S. Give them a hug and tell them you love them every chance you get."

"If you are a father cherish these times. You won't believe how quickly they will be gone," his note reads.

10/21/2020

A new QR code feature aims to help you access your taxpayer account info easier when receiving an overdue tax notice from the IRS. If you just need help setting up logistics to pay your bill, this will help you. But if you do not agree with their numbers or you can't pay, you will still want professional assistance.

My local H-E-B Grocery smartphone app's barcode reader helps me discover the price of a product if it's not shown on the item packaging or store shelf. I love the technology almost as much as I love potato chips! I love my grocery store app. Not only does it offer digital coupons, it lets me make sh...

10/20/2020

There's lots of tax talk in this election season, as in every other, as both candidates are making promises about their tax policies. The BEST advice we can give about what to do for your individual and business tax plan right now is: wait and see.

If new tax legislation is passed in 2021, it probably won't be effective until 2022. Congress very rarely makes tax changes that are retroactive.

So ... wait and see. Then, we will listen together to see what whichever President we have says about their tax plans ... and react accordingly.

10/19/2020

Organizing your financial world can feel like a daunting task, but some SIMPLE steps will go a long way. Watch our video -- doesn't this seem really doable?

10/16/2020

Well, with yesterday's extended tax deadline behind us, one crazy and wild and completely unprecedented tax season comes to a close. Thank you for entrusting us with something as close to you as your finances -- we know how important each dollar is to each of you, and we're committed to helping you keep as many of them as you legally can. (And now, it's time for a very long nap this weekend, before we gear up for next year.)

10/15/2020

The day has come. All 2019 returns that were given an extension to file are due to be submitted today, which means our most recent marathon is coming to an end.

Next tax season is now not so very far away (along with the tax ramifications of what THIS tax season delivered). Are you ready for that?

You will be ... with our help.

10/14/2020

We've been telling you about some tax professional rumors circulating about "automatic forgiveness" for PPP loans under $150K.

Well, they did it! Except it is for even smaller loans (under $50K).

And it's not "automatic", but it is very, very easy. Here is the simplified application if your loan falls in that category. https://bit.ly/318OOYh

10/13/2020

Here are some questions to consider for your 2020 taxes that will set you up for long-term success. We're here to help you walk through these answers and how to affect your tax status in a positive way.

1) Have you had a significant change in your wage income this year?
2) Have you taken capital gains or losses this year? Are you planning to?
3) Did you start or sell a business this year?
4) Did you purchase real estate?
5) Did you make your full contributions to retirement accounts?
6) Have you considered a Roth IRA?
7) Did you withdraw from retirement accounts, and for what purpose?

10/12/2020

Extension deadline is on THURSDAY, folks. Filing a tax return late (without reasonable cause) results in a 5% late FILING penalty (on whatever it is that you owe -- and the IRS will figure it for you if you don't), and an additional 5% for every month you wait to file.

PLUS there is an additional 0.5% to 1% late PAYMENT penalty (per month) on whatever it is you owe. NOTE: this is ON TOP of late filing penalties.

Then (yikes), interest accrues on both the late tax filing penalties AND the late payment penalties.

That's a lot of penalty. And at least the first one is completely avoidable.

If you can't pay the tax due on October 15, still file ... and talk to us about helping you set up an installment agreement or working out an offer in compromise to cover what you owe.

Late filing penalties are both expensive and unnecessary. If you extended your tax return to October 15 and cannot afford to pay, file the return anyway.