Posts Tagged ‘taxes’
How-to: Opting into Active Non-Reporting Status
Hey business owners! Does filing your quarterly or annual Washington Department of Revenue (WA DOR) tax return get you down? We want to tell you about Active Non-Reporting status and how it may make running your business a little easier. What is Active Non-Reporting Status? Beginning January 1, 2023, the WA DOR now offers an option called Active Non-Reporting Status for businesses that meet specific criteria. This status allows you to actively conduct business in…
Read MoreClarifying Confusion Around Tax Extensions
Over the years I have answered many questions about tax extensions. There is a lot of misunderstanding about them, so I want to shed some positive light on it. First off, what is an extension? It’s an extension of time (six months) to file your federal income tax return. Keep in mind that your taxes owed still need to be paid by 4/15. Why do we file tax extensions? The #1 reason we file extensions…
Read MoreAn Inaccessible IRS
With the reduced federal funding budget and threadbare Covid-related IRS staffing levels some taxpayers are experiencing the frustrating result of an inaccessible IRS. Compounding the problem of unopened mail piling up at IRS offices around the country, the postal service’s slow delivery times are causing many taxpayers grief. Even when phone lines are attended to at a reasonably helpful volume and returns have a timely postmark, tax payments and responses take several months to be…
Read MoreCARES Act Cliff’s Notes
The CARES Act of 2020 had a few gems for the average US taxpayer, including: No required minimum distribution for retirees in 2020 The opportunity to add up to $300 in charitable donation deductions for qualified 501c(3) cash contributions to the standard deduction on your 2020 tax return Economic stimulus payments, depending on your 2020 adjusted gross income. For more information, read the full bill. Unfortunately, a lack of technical language in the bill left…
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