but your taxes are due in:
Countdown
expired
COVID-19
Get Your Money: Ensure You Receive a Stimulus Payment
Status and non-filer tools launched by IRS
The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know.
Background
As a response to the coronavirus pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.
The Problem
The payments are being made based on 2019 or 2018 tax returns. If you do not need to file a tax return, you run the risk of not receiving this payment. Additionally, getting payments out to everyone is technically complex. The IRS must look at both 2019 tax returns and 2018 tax returns, PLUS they are directed by Congress to match these files against two years of Social Security filings for seniors. Not an easy task!
Read more ...COVID-19 Stimulus Payments.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides a one-time payment, among other items, to individuals to help ease the economic strain caused by the coronavirus epidemic.
Here are the details of the stimulus payment initiative.
Who qualifies to receive a payment? A one-time payment of $1,200 will be sent to most adults. For every qualifying child under age 17, families will receive an additional $500. Retirees and people on disability are also eligible to receive a payment.
Read more ...Current Due Dates for Various Tax Returns [Update 4/10/20]
We are compiling the current due dates for various types of tax returns in this space. As information is received from or released by the various states and taxing agencies we will update this space. Some of these states have noted that guidance will be forthcoming, but until it is issued we can not rely upon it. As this is a very uncertain time and information continues to fly around, continue to check back for updates.
Read more ...Welcome to Don Brooks & Associates Online Office
Spend Some Time
Explore our Online Office. There are many different ways to use the services here. You can:
- Learn about the services we offer.
- Stay Alert to tax and accounting news.
- Link to a variety of news and other helpful sites.
- Take Advantage of numerous tax tips.
Please browse the pages of this site and feel free to e-mail any questions, suggestions or other feedback. This web site is meant to be an extension of services provided to you.
Visit often as additional news and helpful information will be continually added in an effort to serve you better.
Announcements
How to Receive our Monthly Newsletter
Do you like our "Weekly Tax Tips" would you like to receive our monthly e-mail newsletter distributed on the first Friday of each month. The newsletter covers a broad array of tax and financial information.
You can do so by sending your This email address is being protected from spambots. You need JavaScript enabled to view it. this information will never be sold or distributed in any way.
News
Think Before Tapping 401(k) as Emergency Fund
Do you need a quick infusion of cash?
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as a last resort.
Read more ...Be Prepared for Pandemic Tax Surprises
Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached.
Here are three potential surprises if you use the available economic relief packages:
Read more ...The New Face of Banking
It suddenly just got a whole lot more difficult to buy a home
The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage.
Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a heightened awareness of staying healthy.
Read more ...Ideas to Help Local Businesses
Shuttered businesses are realizing that lifting lockdown restrictions doesn't mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses.
Here are several ideas to help local businesses financially as they re-open their doors:
Read more ...Key 2020 Coronavirus Tax Changes
Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020.
Read more ...Get Your Money: Ensure You Receive a Stimulus Payment
The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool.
Background
As a response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.
Read more ...Ideas to Help Make Payments During Tough Times
How to get cash quickly when you're out of work
You’re not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. Millions of American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills.
Here are 6 ways to get cash to help pay for your monthly expenses.
Read more ...Main Menu
Follow us on
Weekly Tax Tip
12 July 2020
Weekly tips to help you better understand tax and financial situations.-
Reminder: Estimated Taxes Due- Now is the time to make your estimated tax payment
If you have not already done so, please plan to make your 1st and/or 2nd quarter estimated tax payment(s). The due date is Wednesday, July 15, 2020.
-
Five Big Tax Mistakes- Don't let them happen to you!
Every year thousands of taxpayers go through a gotcha with the IRS thanks to large, unexpected tax bills. Here are five common causes of tax surprises, ranging from lost refunds to retirement plan mistakes.