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TaxMama’s® TaxQuips Updates and Due Dates

 

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It's TaxQuips time from TaxMama.com® -
Today TaxMama® wants to remind you about tomorrow’s due date – June 15th.



[Listen to the podcast here]

 

Dear Family,

With two topsy turvy tax years due to COVID19, it’s harder to keep track of deadlines.

But, for the rest of this year, all deadlines are the same as they have been historically, unless you live in a federally declared disaster area.  https://www.irs.gov/newsroom/tax-relief-presidentially-declared-disaster-areas

So, let’s review what’s due tomorrow
https://taxmama.com/tax-calendar/   :

 

  • Federal and state estimated tax payments for the second quarter.
    This applies to individuals and to corporations, estates and trusts.
    • Although you can use Form 1040-ES to send in a check, please do NOT!
    • Pay the IRS electronically to ensure they get your payment.
      Be sure to select 2021 and Form 1040 (or the relevant corporate or trust forms)
      https://www.irs.gov/payments
    • Your state probably has a similar option – look up your state’s tax agency website here - https://www.taxadmin.org/state-tax-agencies
    • Remember, if you took COVID19-qualified distributions from retirement accounts and are spreading the taxes over 3 years – you need to include those amounts in this year’s estimated tax payments.
  • Form 1040 is due for Americans living outside the US. If you’re not ready, you can still file an extension using Form 4868 – see if you can file this electronically through your software. https://www.irs.gov/pub/irs-pdf/f4868.pdf
  • Gift Tax returns for Americans abroad – your Form 4868 will automatically also extend your gift tax filing. But if you expect to take advantage of the Foreign Earned Income Exclusion (Form 2555) when you file your tax return, you will need to file a separate extension for your gift tax return, using Form 2350
    https://www.irs.gov/pub/irs-pdf/f2350.pdf

The IRS will be releasing 3 interfaces (links) relating to the new advance Child Tax Credit.  Keep an eye on this page for updates and details.
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

  • One for people who want to opt out.
  • Another for people who aren’t already in the database as having children (either due to new births or getting custody or foster custody of children) – and who want to receive the advance funds.
  • And another option to update your banking and/or mailing data.

In the meantime, we are nearly halfway through the year.

Perhaps it’s time to review your projected income and tax breaks for 2021?
Maybe you need to change your withholding – or increase/reduce your estimated tax payments for the year.

Those folks who have found yourselves in a position where you owe a tax balance and don’t really know how to pay it, the IRS has a lot of options to help. So don’t just ignore the balance due. https://www.irs.gov/about-irs/irs-offers-new-relief-options-to-help-taxpayers-affected-by-covid-19

Consider scheduling an appointment with your tax professional to help you.
https://www.irs.gov/tax-professionals/choosing-a-tax-professional

And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion

 

To make comments please drop into the TaxQuips Forum.
 

Follow TaxMama’s® on Twitter  @TaxMama   
https://twitter.com/TaxMama  
Follow TaxMama on YouTube - 
https://www.youtube.com/taxmama

 

Please feel free to share
 



The Enrolled Agents Examination – PLEASE JOIN US

The new 2021-2022 exam will include all the CARES Act
laws, the PPPs, and the tax laws in the latest 5.593 page 
Consolidated Appropriations Act! 



Join us for Part 2 of the EA Exam!
It official starts on June 22nd.
https://irsexams.school/signup/


Incidentally, if you are presently unemployed, check with your  unemployment office or business insurance coverage – they just might be able to pay your tuition. 
This is a great time to improve (or develop) your skills as a tax professional.

 




Everything You Wanted to Know About the 2021-2022 Enrolled Agent Exam.
Get all the information you need about this year's Special Enrollment Examination here.
https://taxmama.com/tax-quips/everything-you-want-to-know-about-the-ea-exam/

Watch this before you ask me questions, please.


And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion

To make comments please drop into the TaxQuips Forum.

Hugs

Eva


 


 

Reminder – Some Helpful IRS Links

IRS CoronaVirus updates
https://www.irs.gov/coronavirus

Which IRS services are open and available – keep an eye on this link 
https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

IRS Electronic Options
https://www.irs.gov/newsroom/irsgov-helps-taxpayers-get-tax-information-they-need-find-tools-for-filing-paying-checking-accounts-and-answering-questions

IRS Online Assistance Available
https://www.irs.gov/newsroom/irs-urges-taxpayers-to-use-electronic-options-outlines-online-assistance

Dealing with audit or collections issues – IRS is keeping this page up to date
https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

Of course, all the filing and paying deadlines - including taxpayers overseas whose June 15th filing deadline has been pushed back to July 15th.
https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers?

And a great chart: How to Use the Tools on IRS.gov to Get Your Economic Impact Payment  https://www.irs.gov/newsroom/how-to-use-the-tools-on-irsgov-to-get-your-economic-impact-payment

There are lots more things going on – watch the information in the IRS Newsroom -  https://www.irs.gov/newsroom  and TaxMama.com  


Incidentally, I don't know if you know - TaxMama.com® is a free resource for people to get answers to tax questions BEFORE they make major, costly moves.

To make comments please drop into the TaxQuips Forum.
 




Small Business Taxes Made Easy

Well, my friends, the book is out and healthy.
The Kindle and audio versions are available.  

 You can get the audio book wherever audiobooks are sold - http://iTaxMama.com/4thEdition_Audio 

 

I would really appreciate it if you have the book and like it –
to please post a
review at Amazon.com .
   This is the best version of the book ever. 

 

And for those people in business, or starting a business, or with clients who operate a business, we have completed the 12-week course based on the book, at CCH CPE Link.
It turned out really well and people found the information extremely helpful!
The course follows each chapter of the book – but also provides help to deal with your business issues during this COVID19 shutdown and quarantine. Who knows, it might help you  save your business – or your finances!


Copyright © 2021 Tax Anxiety Inc., All rights reserved.


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