The Taxation and Revenue Department (TRD) will not impose a late-filing and late-payment penalty associated with the return filing and payments set forth below: • New Mexico personal income tax returns and payments due between April 15, 2020 and July 15, 2020 may be submitted without penalty no later than July 15, 2020; • New […]
Tag: Tax Preperation
IRS NOTICE: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Highlights Filing DeadlineThe filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by […]
Taxpayers should remember these tips when searching for a tax preparer
IRS Tax Tip 2020-04 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 […]
Want a FAST way to receive your Federal Tax Refund? Choose Direct Deposit
WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money. It’s simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, […]
2019 Estimated Tax Payments – Here’s what you need to know
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Everyone must pay tax as they earn income. Taxpayers who earn a paycheck usually have […]
Tips for Using the Withholding Calculator
The IRS recommends that taxpayers use the Withholding Calculator on IRS.gov to do a “paycheck checkup” to check that their employers withhold the correct amount of income tax from their paychecks. The Withholding Calculator can help prevent employees from having too little or too much withheld from their paycheck. Having too little tax withheld can […]
Tax Preparedness Series: Tax Records – What to Keep
As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents. Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to […]
2016 Winter Client Newsletter
The end of the year is just a few days away. Our informative 2016-winter-client-newsletter is sure to answer your last minute 2016 tax related questions. Don’t forget about Deductions such as Charitable Contributions, IRA and Pensions, Mortgage Interest, Education Credits and Deductions, and any Lifestyle Changes or Events. We hope your Winter Holidays were wonderful and we wish you […]
Interest Rates for the Second Quarter of 2016
The Internal Revenue Service today announced that interest rates have increased for the calendar quarter beginning April 1, 2016. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) percent for […]
IRS Offers New Cash Payment Option
The Internal Revenue Service announced today a new payment option for individual taxpayers who need to pay their taxes with cash. In partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company, individuals can now make a payment without the need of a bank account or credit card at over 7,000 7-Eleven stores nationwide. “We continue […]