Category: Deadlines

  • Paperwork You Can Toss After Filing Your Tax Return

    Paperwork You Can Toss After Filing Your Tax Return

    Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But…

  • Why Meeting the Filing and Payment Deadlines for Tax Returns Is Important

    Why Meeting the Filing and Payment Deadlines for Tax Returns Is Important

    The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty…

  • Estimated Tax Payments:  Deadline for First 2021 Installment Coming Up

    Estimated Tax Payments: Deadline for First 2021 Installment Coming Up

    April 15 is not only the deadline for filing your 2020 tax return; it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…

  • Three Issues to Consider After You File Your Tax Return

    Three Issues to Consider After You File Your Tax Return

    The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown…

  • There’s Still Time to Make a Deductible IRA Contribution for 2019

    There’s Still Time to Make a Deductible IRA Contribution for 2019

    Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA…

  • Answers to Some Tax Questions Related to COVID-19

    Answers to Some Tax Questions Related to COVID-19

    The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can…

  • COVID-19: IRS Announces More Relief and Details

    COVID-19: IRS Announces More Relief and Details

    In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates…

  • The 2019 Gift Tax Return Deadline Is Coming Up

    The 2019 Gift Tax Return Deadline Is Coming Up

    If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file…