March 23, 2020 | Staff Writer

photo of calculator and income tax forms

IRS Extends Deadline to File, Pay Taxes Until July 15

The Internal Revenue Service (IRS) announced Saturday, that the deadline to file and pay federal income tax has been extended from April 15 to July 15 in response to the COVID-19 outbreak. This applies to individuals and businesses. And there is no need to file Form 4868 (individual taxpayer) or Form 7004 (business) for the […]

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March 21, 2020 | Andrea Sarralde

ACTUALIZACIÓN: Extensión de Fecha para Declaración de Impuestos

Actualización del Servicio de Rentas Internas (IRS): La fecha de vencimiento para la presentación de impuestos se extiende del 15 de abril al 15 de julio. Todos los contribuyentes – individuos, corporaciones, otros contribuyentes no corporativos y aquellos que pagan el impuesto sobre el trabajo por cuenta propia – también pueden diferir los pagos del […]

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March 11, 2020 | Juanita Farmer, CPA

BLOG: What to Do If You Are Missing Important Tax Forms

If you are ready to file your taxes but you are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes […]

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March 5, 2020 | Andrea Sarralde

Solicite Seguro Médico en la Declaración de Impuestos

Leslie Martínez, Directora de Programa del Departamento de Salud y Servicios Humanos del condado de Montgomery habló a MyMCMedia sobre todos los detalles de la nueva opción que se incluyó este año en la declaración de impuestos, y que le permite a los residentes del estado de Maryland solicitar seguro médico si aún no están […]

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February 21, 2020 | Juanita Farmer, CPA

BLOG: Six Facts About Form 1040-SR

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know: 1. Form 1040-SR is designed with larger font size (i.e., “large print”) […]

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February 18, 2020 | Juanita Farmer, CPA

BLOG: Tax Extenders, Retirement Plan Changes, and Repeals

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Individual Tax Extenders Mortgage Insurance Premiums. Homeowners with less than 20 […]

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February 7, 2020 | Juanita Farmer, CPA

BLOG: Tax Filing Season Begins

January 27 marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Another New Design for Form 1040 The new […]

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January 27, 2020 | Juanita Farmer, CPA

BLOG: Got Debt? Tips to Improve Your Financial Situation

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then these steps will […]

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January 13, 2020 | Juanita Farmer, CPA

BLOG: What’s New for the 2020 Tax Filing Season

While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. New, Revised or Updated Tax Forms Form 1040: Revised and Redesigned The IRS released a draft Form 1040 for 2019 tax returns that has been updated from the 2018 […]

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January 8, 2020 | Juanita Farmer, CPA

BLOG: Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2020, a number of tax provisions are affected […]

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