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NCDOR – Department of Revenue Provides Special Penalty Relief

NCDOR – Department of Revenue Provides Special Penalty Relief Due to COVID-19

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Filing Deadline Extended to July 15

U.S. Treasury Secretary announces on Twitter This morning, U.S. Treasury Secretary Steven Mnuchin announced via Twitter: “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” We expect the IRS will issue official guidance

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Have a Hobby You Make Money From?

Taxpayers who make money from a hobby must report that income on their tax return.

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Preparing for Tax Returns

Gathering records before preparing tax return makes filing go smoother. As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the

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Small Business Owners May Benefit From This

Small business owners should find out if they can benefit from claiming this deduction. The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for any of the following:

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Reasons for You to File a 2019 Tax Return

While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so if they can get a tax refund. Five Tips for Taxpayers Who are Deciding Whether to File

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Earned Income Tax Credit

The earned income tax credit benefits working people with low-to-moderate income. Here are a few things people should know about this credit.

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What to Know About the Amount of a Tax Refund

Certain transactions can affect tax withholdings and influence the taxpayer’s anticipated refund.

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IRS Provides Tax Inflation Adjustments for 2020

The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for returns due after the end of 2019. The new penalty will be adjusted for inflation beginning with tax year 2021. The tax year 2020 adjustments generally are used on tax returns filed in 2021.

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New Version Out of SSN Scam

Be on the lookout for new variations of tax-related scams. The latest is with SSN!

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Franek Tax Services, Tax Return Preparation, Cary, NC