Latonya S. Miller, CPA, P.C.

05/01/2020

Virginia Taxpayers:

"If you won’t be able to file by the original May 1 deadline, don’t worry. Everyone has an automatic 6-month filing extension in Virginia, which moves the filing deadline from May 1 to November 1 for most taxpayers (and since Nov. 1, 2020 is a Sunday, you actually have until Monday, Nov. 2 to file this year).

In addition, as part of the state's COVID-19 tax relief actions, if you owe taxes, you have until June 1, 2020 to pay without any penalties or interest.

This also applies to individual extension payments for Taxable Year 2019 as well as the first estimated income tax payments for Taxable Year 2020."

The filing deadline for Virginia individual income taxes is just around the corner – Friday, May 1, 2020. If you won’t be able to file by the deadline, don’t worry. Everyone has an automatic 6-month extension. In addition, thanks to the state’s tax relief actions to address COVID-19, you als...

05/16/2017

FROM THE VA DEPARTMENT OF TAXATION:

NEW ELECTRONIC PAYMENT REQUIREMENT FOR SOME INDIVIDUAL INCOME TAXPAYERS

The 2017 Budget Bill includes a new requirement for certain tax payments.

Effective for taxable years beginning on or after Jan. 1, 2017, taxpayers who make estimated tax payments must submit all of their income tax payments electronically if:

• Any installment payment of estimated taxes exceeds $15,000 or
• Any payment made for an extension of time to file exceeds $15,000 or
• The total estimated income tax due in any taxable year exceeds $60,000.

Based on prior filings, Virginia has identified taxpayers who may meet this requirement effective with their estimated tax payment due June 15 and recently sent letters to these taxpayers.

If any of these thresholds apply to a taxpayer, they must make all future individual income tax payments electronically. This includes all payments for estimated taxes, extension payments, and any other amounts due when a taxpayer files a return.

03/12/2017

"Taxpayers can search www.vamoneysearch.org to find and recover any unclaimed refund."

More than 100,000 Virginia taxpayers who had their tax refunds issued on prepaid debit cards never used them, leaving $14 million in refunds unclaimed.

12/13/2016

2017 Standard Mileage Rates for Business, Medical and Moving Announced

IR-2016-169, Dec.13, 2016

WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
•53.5 cents per mile for business miles driven, down from 54 cents for 2016
•17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
•14 cents per mile driven in service of charitable organizations

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged.

05/10/2016

The Virginia Department of Taxation is now offering a free, secure and faster alternative to paying 2016 estimated tax payments. No account setup is required, and you'll receive immediate confirmation of your payment! Just follow this link for the payment form: https://www.irms.tax.virginia.gov/tax_eforms/760ES-eForm.html

05/17/2015

Good article on noncash charitable donations from the charity's and IRS' point of view.

Thrift stores may be happy to help you beef up your I.R.S. deductions for next year, but they aren’t interested in used underwear. A guide to best practices.

05/15/2015

Virginia Hurricane Preparedness Sales Tax Holiday Kicks Off May 25

The sales tax holiday runs Monday, May 25 through Sunday, May 31, and exempts 22 categories of items from the state and local retail sales tax. The exempt items include batteries, flashlights, bottled water, tarps, duct tape, fire extinguishers, cell-phone chargers, smoke detectors, buckets, rope and first aid kits. As long as each item costs $60 or less, it is tax-exempt.

Last year, gas-powered chainsaws, priced at $350 or less, were added to the list of tax-exempt items, along with chainsaw accessories that cost $60 or less. Portable generators and inverters costing $1,000 or less are also exempt during the sales tax holiday.

05/12/2015

Good tips! "Tax Documents: What to Shred, and What to Keep" - I personally recommend seven to ten years for tax returns and supporting documentation.

Tax returns and divorce decrees may be useful to keep for a lifetime, but many financial documents can be stored on a flash drive, or even destroyed.

04/03/2015

The IRS says if you are surprised to be getting a call from the agency, it's not them on the line. Don't fall for it! Scammers are trying to trick you into giving up personal information or cash.

01/20/2015

Virginia Taxpayers: Form 1099G/1099INT now available online at www.tax.virginia.gov.

All individual income taxpayers now have access to Form 1099G/1099INT electronically. This new service is available through the VATAX 1099G Lookup application on the Department of Taxation's website.

Taxpayers will need the following information to access their Form 1099G/1099INT statements:

-Social security number of the taxpayer
-Date of birth
-Last name
-Tax year of the last filed Virginia return
-Line 1 (Adjusted Gross Income) of the last filed 760, 760PY, or 763 Virginia return. If a taxpayer filed a 760PY return, add both columns of line 1.
-Spouse's social security number, if a joint return was filed

The form, which is in portable document format (PDF), can be viewed, printed or saved. Individuals will need Adobe Acrobat Reader software, which can be downloaded for free, to view the form.

NOTE: All taxpayers may look up their 1099G information through the VATAX 1099G Lookup application. Individuals who elected to access their Form 1099G/1099INT electronically by checking the indicator on their 2013 returns will not be mailed paper forms. Taxpayers who did not make this election will receive paper forms through the mail, even if they use the 1099G/1099INT lookup application to access their information. Taxpayers can look up 1099G/1099INT information for taxable years 2014 and beyond.

Commonwealth of Virginia Department of Taxation

01/16/2015

Need to learn the basics of Quickbooks or just need a refresher? Virginia Western Community College is offering a 4 session class beginning on 1/20/15 (6-9:30 pm). Contact VWCC to register.

http://courses.vccs.edu/colleges/vwcc/courses/ACC110-IntroductiontoComputerizedAccounting?filter=ww-er

12/28/2014

A few clients have received similar calls in the past few weeks. My best advice is to simply hang up and do not engage in a conversation. Some people are so good at scamming that you divulge personal information without even realizing it.

http://m.wdbj7.com/news/bbb-says-irs-scam-is-one-of-the-biggest-of-the-year/30420066