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Bear’s Blog

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Here’s what taxpayers should do if they have missing or incorrect documents

Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099. If they can’t get the forms, they...

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People should be on the lookout for identity theft involving unemployment benefits

The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received. In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers applied for and received unemployment compensation...

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Treasury, IRS unveil online application to help with Economic Impact Payments;

How to use Get My Payment Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process. For taxpayers to...

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Economic impact payments: What you need to know

Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020   Click Here for the FAQ on the IRS website. WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be...

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IRS delays tax filing and payment deadlines to July 15 for all taxpayers

The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief...

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Taxpayers should remember these tips when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this is true no...

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IRS opens 2019 tax filing season for individual filers on Jan. 27

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax...

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IRS issues standard mileage rates for 2020

WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 57.5 cents...

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New publications help taxpayers get ready and stay ready for tax filing season

With the tax filing season almost here, taxpayers should check out two new IRS publications available on IRS.gov. These publications can help people get prepared to submit their tax returns and stay organized with tips for year-round tax planning. Publication 5348, Get Ready to File. This publication provides helpful filing information and...

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How the New Tax Law May Affect your Retirement Plans

Bear says: “Why retire? I really like coming to work with Dad every day and meeting all our friends”. Boo says: “You are retired. I do all the work”. Estate Tax Exemption: Congress increased the amount that you can leave, or gift, to your heirs tax free to about $10 million for each individual person. Tax Tip: Each person may “gift” to another...

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Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. This news...

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Tax Cuts and Jobs Act

On December 22, 2017, legislation put into effect the most sweeping tax since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act of 2017 (TCJA) makes small reductions to income tax rates for most individual tax brackets. The TCJA includes significant changes for individual taxpayers, most of which take effect for 2018 and...

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New tax law allows small businesses to expense more, expands bonus depreciation

WASHINGTON — The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed in December 2017,...

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Get Ready for Taxes: Learn how the new tax law affects tax returns next year

WASHINGTON –The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the IRS has recently updated a...

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NEW LOCATION!

Guess What! We have some very Exciting News!!  WE ARE MOVING BACK HOME! Where is Home you may be asking?? After nearly 20 years, our firm is moving just a little over one block away. We are happy to be returning to our original location, our old yellow house at 252 West Olympia Avenue. Thankfully, we still own the building and after much...

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Easy ways to pay taxes

The IRS offers several payment options where taxpayers can pay immediately or arrange to pay in installments. Taxpayers should not ignore a bill from the IRS because as more time passes, interest and penalties accumulate. Here are some ways to make payments: Direct Pay. Taxpayers can pay tax bills directly from a checking or savings account free...

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Tips To Keep in Mind on Income Taxes and Selling a Home

Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner...

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