Smart Tax LLC

There is a new tax deduction.  You can donate $ 300 to charity and get a deduction even if you do not itemize your deductions.  The donation must be paid by check or credit card.  Be sure you get a receipt to prove your donation.  Bring that to your tax appointment when you come.  You can find an approved list of charities [(501(c)(3)] on www.irs.gov.

Any federal or state unemployment that you received will be taxable on your 2020 return.  Know that this will affect other items on your return, especially if you typically receive Earned Income Credit.  You can make an estimated tax payment if you think there is a balance due on your return.

IRS is bringing back a 1099-NEC form (previously used until 1982).  Businesses need to send these to Non Employees that they have paid $ 600 or more to during the year.  You will need to obtain a W-9 form from www.irs.gov, and have it filled out and signed by the persons that you are sending the form to.

PPP Loans --- best road to forgiveness is to disperse 100% of loan amount to payroll.

We truly live in historic times.  COVID-19 has redefined our lives.  Please stay safe and healthy.  

Due to COVID-19, all partnership tax returns are not due 09/15/2020.

S Corporation and Partnership Extended due dates are now September 15, 2020.

All  individual and business tax returns have been extended due to the COVID-19 outbreak.  

Individual Returns are Due July 15, 2020.

S Corporation Tax Returns are due March 15th, 2014

It is time for the Partnerships And S Corporations to compile their tax information so that the business taxes can be timely filed.  That will allow the K-1 Forms to be timely filed for their personal taxes to be filed by April 15th.