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“Our Advice makes
Dollars & Sense”
Located in Old Towne Bellevue
2221 Main St Bellevue, NE 68005
(402) 898-2672
Taxpayers should file their tax return on time to avoid costly interest and penalty fees Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each [...]
IRS Reminds Retirees About IRA RMDs The Internal Revenue Service reminds taxpayers who turned 72 after June 30, 2021, and received their first required distribution (for 2021) in 2022 on or before April 1, must receive their second RMD (for 2022) by Dec. 31, 2022. Even though the first distribution is actually the required 2021 distribution, it’s taxable in 2022 [...]
The deadline for filing calendar-year partnership and S corporation returns is March 15, 2022. These returns must be filed (e-filed or postmarked) by midnight (local time) on March 15, 2022. Fiscal-year returns will be due the 15th day of the 3rd month following the year-end. Both partnership and S corporation returns are allowed a six-month extension. Payment must accompany the return [...]
Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received their third Economic Impact Payment through initial and "plus-up" payments in 2021. Note: Third Economic Impact Payments are different than [...]
PATH Act Funding Starts Feb 22 The PATH Act mandates that the IRS cannot issue tax refunds on returns with Earned Income Tax Credit or Additional Child Tax Credit until mid-February. These refunds are historically released over a few days. The first such day is this Tuesday, February 22nd, and billions of dollars of these refunds will be released on [...]
Given the unprecedented circumstances around the pandemic and unique challenges for this tax season, the IRS offers a 5-point checklist that can help many people speed income tax returns processing and refund delivery while avoiding delays. File an accurate return and use e-file and direct deposit to avoid delays. Taxpayers should electronically file and choose direct deposit as soon as they have everything [...]
IRS reminds Farming or Fishing Business Owners To File March 1 The Internal Revenue Service today reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments. Taxpayers can pay from their bank account using their Online Account or they [...]
IRS Notice 2021-39: Transition Period Penalty Relief for New Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865 Provides PENALTY RELIEF for taxable years that begin in 2021 (processing year 2022) with respect to Schedules K-2 and K-3 to Forms 1065, 1120-S, and 8865. These forms that will be made available in late February 2022 to software developers, by [...]
For those working in the service industry, tips are often a vital part of their income, and must be reported on income taxes. Like most forms of income, tips are taxable. Therefore, it’s also vital that people understand the tax obligations that come with tip income. Here's some information to help taxpayers report tip income so they don’t receive a [...]
Tax Filing Affects Return A taxpayer’s filing status tells the IRS about them and their tax situation. This is just one reason taxpayers should familiarize themselves with each option and know their correct filing status. The IRS Interactive Tax Assistant can help them determine their filing status. A taxpayer's filing status typically depends on whether they are considered unmarried or married on [...]
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