Tuesday, June 8, 2021

You May Not Have to Pay a Penalty for Filing Late

Filing your income taxes late often results in a fine, but the IRS recognizes that there are legitimate circumstances that make it difficult or impossible to file on time and may waive the fines in those cases.

You may not need to pay a penalty if the IRS agrees you had a good reason for filing late. Some reasons the IRS accepts include: 

  • A natural disaster like a tornado, or other personal disasters like a fire.
  • You tried, but were unable to obtain all the records you needed for filing.
  • The taxpayer or a family member died, had a serious illness or unexpected absence, or was incapacitated in some other way.

There may be other reasons that kept you from meeting your tax obligation.

Learn more on our website!

Tuesday, May 25, 2021

Tips for Filing 2020 Income Taxes Late

Working with the IRS can seem complicated and intimidating at times – especially when you’re facing the uncertainty that comes with filing your income taxes late. 

As soon as you know you’ll be filing late, apply for an extension using Form 4868 or from the Free File link on the IRS website. Don’t wait until after the May 17 deadline! 

It’s important to remember that:

  • You must apply for the extension by the May 17 deadline. 
  • An extension to file does not extend your deadline to pay, if you owe.
  • You will need to file an estimate of your taxes. If you estimate owing, you should make a payment towards that amount by May 17 to avoid a penalty.

Taxes don’t have to be scary. Amador Accounting is here to help. 

Learn more on our website!

Friday, April 23, 2021

Is COVID Slowing Down the IRS?

Is COVID affecting your tax return or Economic Impact Payment? 

Although the IRS is open, some of their services have been slowed down by COVID, including: 

  • Telephone support
  • Paper tax returns
  • Responding to mail
  • Reviewing tax returns

If you’re wondering about the status of your Economic Impact Payment (otherwise known as the stimulus check) or your 2020 tax return, you can check your status on the IRS website. The website can help you figure out your status, type of payment, and if you meet the requirements to receive the stimulus check. 

Visit our website to learn more about the latest stimulus package.

Monday, April 5, 2021

How Does the Latest Stimulus Affect Your Family?

On March 11, the American Rescue Plan Act of 2021 was signed into law promising some economic relief to millions of Americans affected by the COVID pandemic. 

In addition to providing funding for a vaccination program, to help schools reopen, and to aid state and local government workers, among other provisions, the new package provides three ways for Americans to receive direct financial assistance from the government. 

Are you wondering how the Act will affect your family? Visit our website for more information.

Monday, February 22, 2021

What's New for 2021 Small Business Taxes?

The COVID pandemic seems to have reached every area of our lives, from work, to school, to socializing, and yes – taxes. In the best of times, taxes can be confusing. The unexpected changes for 2020 filing and the 2021 tax year can make them even more confusing. You don’t have to navigate those changes alone.  

Payroll, bookkeeping, and taxes are our specialty!

Amador Accounting specializes in tax preparation. If you have questions about the tax law changes that affect your 2020 filing or are concerned about the changes moving forward into 2021, contact Lisa Amador.

Visit our website!

Monday, February 8, 2021

Will COVID Affect Your 2021 Taxes?

It’s been a confusing time for most business owners. The pandemic changed our business processes so significantly that many small businesses are depending on assistance from the government to move forward. As we move into the second calendar year of the pandemic, pandemic relief is on every small business owner’s mind. And as we approach tax season, it seems there are more questions than ever.

There have been many tax changes in response to the COVID pandemic. If you’re unsure how they affect your business, you’re not alone. And you don’t have to be! If you have questions, Amador Accounting probably has solutions.

Learn more on our website!

Monday, December 28, 2020

Year-End Payroll is Complicated by New/Changed Laws for 2020

Year-end payroll isn’t only about generating a paycheck – it’s an important time to verify forms, employee information, tax changes, your accounting, and all payments, including anything your employees earned that wasn’t part of your regular pay schedule. 

For a company with one or two salaried employees, it can be a pretty straight forward process. The more complex your compensation, the more complex your year-end tasks may be. For example, bonus pay, handwritten checks, and paid time off can complicate your accounting. Especially if you haven’t processed payroll regularly, because of COVID.

This year, the COVID pandemic created more payroll changes than usual that may impact your small business, including:

  • The CARES Act
  • A new Form W-4
  • FFCRA-qualified leave
  • Social Security tax deferral
  • State and local changes
  • And more!

Experts recommend starting year-end payroll in October to process changes, get up to date on new laws, and give yourself extra time meet deadlines. If you’re already behind, Amador Accounting can get you caught up.

Learn more on our website or call Lisa Amador at 734-330-0907.