Tag: IRS News
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IRS extends additional tax deadlines to May 17
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date. Here’s what’s affected: Contributions to IRAs and health savings accounts People now automatically have until May 17, 2021, to make 2020 contributions to their: Individual retirement arrangements Health savings accounts…
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New #IRS form available for self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA
New IRS form available for self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA WASHINGTON – The Internal Revenue Service announced today that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Eligible self-employed individuals…
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#Stimulus – If You Have Not Filed a Tax Return
If you don’t usually file a tax return, or didn’t file a return for 2018 or 2019, you might not know you could qualify for an economic impact payment. You might be one of the nine million people getting a letter from the IRS letting you know how to register on their website to claim…
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#Tax Relief for Victims of Hurricane Laura
IRS provides tax relief for victims of Hurricane Laura; Oct. 15 deadline, other dates extended to Dec. 31 WASHINGTON — Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is…
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#IRS Tax Tip – Earning side income: Is it a hobby or a business?
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport…