Apr 04

Coronavirus Tax Rebate

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Under the CARES Act passed by Congress last week, most taxpayers should see an early tax rebate in the coming weeks. The payment is called an Economic Impact Payment. This will come for your 2020 taxes, but is based upon your 2019 tax returns (or if not filed yet, your 2018 returns).

For individuals, married filing separate, and heads of household, if your adjusted gross income was $75,000 or less, then you will get a full payment of $1,200. For married filing jointly, if your adjusted gross income was less than $150,000, then you will get a full payment of $2,400. In addition, for every qualifying child (under 17 and dependent based upon child tax credit rules), you get $500.

If you income exceeds those limits, the payment phases out by $5 for every $100 in excess of the AGI limit.

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More information can be found on the IRS website at: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know 

 

Apr 03

Tax Due Dates Extended

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The due dates for tax returns have been extended for both the federal and Oklahoma individual and other income tax filings. For any taxes due after March 15, there is an automatic extension for filing until July 15, 2020.
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In addition, 1Q estimated payments that are normally due on April 15 have been extended until July 15. This means that your 2Q payment will be due (June 15, 2020) before your 1Q payment is due (July 15, 2020).

Jan 29

A New Season!

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Actually, there are a couple of new seasons right now.

First, we have the new tax season. We are near the January 31 deadline for filing of 1099s with Nonemployee Compensation as well as W2/W3 filings. That will quickly roll into the February 28th deadline for farmers to file. And, I bet will be at the regular April 15 deadline before we know it.

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I will still be working in my law and tax practice. I am also still taking new clients for probate, trusts, wills, and tax preparation. Give me a call to discuss.

May 08

Tax season is not over for everyone!!

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Although we are in early May, tax season is not over for everyone, and I don’t just mean those people who filed extensions. Tax-exempt organizations with a December 31 year end will have to file their 990s by May 15.

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Feb 25

March 1st Tax Deadline Approaches for Farmers

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The Internal Revenue Service is reminding farmers and fishers about the March 1 deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.

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