Friendly Tax Service

Wow, this has been a year so far! So many changes, some of them right in the middle of the season. If you filed before Congress decided to not tax some of the unemployment, the IRS is advising not to amend, they will 'fix' it. But it could also affect your state return. There are exemptions to the premium health credit payback but there are no directions on how to apply it yet. If you did your return yourself and aren't confident you found all of the credits and deductions you are allowed, I would be happy to take a quick look over it with you.

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If, at anytime between April 1 and December 31, 2020, you could not work due to Covid or had to take off work to care for a family member, you might be eligible for a refundable credit on your 2020 tax return. Eligible self-employed individuals are entitled to claim an income tax credit for qualified sick and family leave.

Missouri has a tax credit up to $500 for individuals who live with and care for someone over 60. It's called the Shared Care tax credit. You must register with Division of Senior and Disability services and have Physician Certification that the elderly person can't live alone.

The IRS has extended both time to file AND time to pay until July 15. As of right now, tax prep is considered an 'essential servce'. With common sense precautions, I am still maintaining office hours and taking paperwork for tax return preparation. If you have concerns, your entire return can be done remotely with no face-to-face contact or handling of actual documents. Call me anytime to start the process.

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Highlights Filing Deadline The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension ...to file their return. Payment Relief - Individuals Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to individuals, trusts and estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Payment Relief - Corporations For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. Estimated Tax Payments This relief also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020. Penalties and Interest Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If a tax return or extension is filed by April 15, 2020, the taxpayer will automatically avoid interest and penalties on the taxes paid by July 15. States This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as the federal filing deadline. We expect state tax agencies to announce any available tax relief for affected taxpayers in the coming days; some have already published these notices on their websites. See more

Please be careful because there are new scams going around related to this COVID-19 / Coronavirus situation. President Trump and Congress have discussed giving $1,000 cash payments to taxpayers but as of now that has NOT officially passed. Some scammers are contacting people asking them to "sign up" to get their $1,000 check. Meaning they will ask for all your personal information so that they can do God Knows What with it. Identity theft, get into your bank account, etc.... Do NOT give your personally identifiable information--social security number, etc.--to anyone unless you 100% know that person is a trustworthy individual. If the government wants to send you a $1,000 check, they have all your info already. Or if they need something, they should contact you by a legitimate means, not some random phone call, text message, or email asking you to "sign up here" and win your $1,000 free money prize.

First IRS acknowledgments received! Tax season has officially started!!!First IRS acknowledgments received! Tax season has officially started!!!