2019 IRS Covid-19 Response

Payment Deadline Extended to July 15, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. 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. …

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Non-cash Donations

Use this donation calculator to find, calculate, and document the value of non-cash donations. You can look up appliances, clothing, household goods, furniture, and more. You can scroll up and down the list by clicking inside the spreadsheet and using the arrow up or down or the Pg Up and Pg Dn buttons on your …

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IRS: Here’s how taxpayers can pay their federal taxes

The IRS offers several payment options where taxpayers can pay immediately or arrange to pay in installments. Taxpayers can pay online, by phone, or with their mobile device and the IRS2Go app. Taxpayers should pay in full whenever possible to avoid interest and penalty charges.    Here are some electronic payment options for taxpayers: Electronic Funds …

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Meals & Entertainment After Tax Reform

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. Amount Deductible for Tax Year 2018 Description   100%   50%   Zero   Meals with clients …

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Tax Reformers may have eliminated business meals & entertainment expenses by mistake!

Tax professionals want tax deductions for business meals with clients and prospects. Business owners want those meals deductible, too. Add us to this list. We want that deduction for our clients (and, of course, for ourselves, too). In recent days, we learned that lawmakers did not intend to eliminate business meals with clients and prospects. …

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Business Use of Automobile

I am in the process of purchasing a new vehicle for business use.  I want to purchase this before the end of the year for tax reasons. A point of clarification.  You sent me correspondence to me that explains the depreciation schedule.  It is somewhat based on Gross Vehicle Weight. Am I correct in assuming the depreciation of a …

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