The dreaded season is on us! NO! Not Christmas! It’s Tax Season: that wonderful time of year when we examine our finances of the prior year and steel ourselves to pay taxes to Uncle Sam. It’s NEVER fun, but it’s a duty and obligation of our citizenship.
Before you file your 2020 return, you may want to look back on your tax history with the IRS.
Want to know what the IRS knows about you? You have worked for a long time and the IRS has kept track of you through the years – kind of like your mother! They know a lot, like your earnings and tax payment history, whether you have any unpaid taxes and the status of economic impact payments. It’s smart to know what they know!
As a taxpayer, you can view your account online to see:
Any amount you owe from previous tax years
Your payment history
Your Economic Impact Payments, if any
You can also:
Make a payment online
See payment plan options
Access your tax records
To create or view your account, click here
Need to talk to a professional about your taxes? Schedule an appointment:
I started using QuickBooks about the time it was created, in the mid 1980s. As much as I know and enjoy the desktop version, I’m a very big fan of QuickBooks Online. It’s not just the desktop version in the cloud. It was newly created as cloud-based accounting software in 2009.
If you’re thinking about making the switch from desktop to online, please contact me to make sure it’s a good fit for your business. I love its advantages, but it’s not right for everyone! I’m a Certified QuickBooks Online Advisor and I know business. A free consultation is available.
If you use part of your home as an office for administrative activities, as your principal place of business, or to meet with clients, customers or patients, you may be able to deduct a portion of your household expenses, including taxes and insurance. Once certain conditions are met, direct and indirect expenses can be deducted. In the case of home office deductions, telephone expense is considered as a utility.
If you need more information on home office deductions, ETC can help!
Many people can use help with daily money management, including:
- Older adults want to have an independent lifestyle. Their children have moved away and they depend on friends and other relatives for help with bill payments and basic bookkeeping. Mail can be overwhelming, especially if letters seem demanding in nature.
- Busy or traveling professionals can have the assistance they need for someone to stay on top of billings and payables.
As a Daily Money Manager, I receive mail, review it for accuracy and importance, seek approval for bill payment or provide proof of payment. I can reconcile bank or investment statements, keep a set of books with periodic reports and prepare a tax return or refer my client to a CPA at tax time.
All communication is created with the highest security available, by email or fax.
If you’re self-employed, making estimated tax payments are the expected way to pay your tax liability as you earn. Ideally, when you file your tax return you should only owe a 10% remainder. Tax payments are paid in four installments: April 15, June 15, September 15 and January 15. Payments can be made by check or by phone.
You must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
If you have questions about estimated tax payments, let ETC help.