Shugrue & Jackson CPAs, P.C.

The deadline for Partnership and S Corporation taxes is fast approaching. The penalty for filing these late is $235 per partners/shareholder PER month, so it can add up quickly. Make sure you have a plan to file before September 16th!

We take taxes seriously. Really, really seriously. We hate seeing people make mistakes on their taxes, but we know that a lot of people cannot afford to get their taxes done by a professional. People are struggling in so many ways and we get that. We want to do a small part to help how we can. Because of this, starting this Thursday, February 8th, our phones will be open from 8:30 to 10:30 to answer your tax questions free of charge.

Who gets to claim that new baby when the parents aren’t together? How do I report my Uber income? Does my dependent child get the $800 TABOR refund? What the hell is this form I got in the mail? We’ve got you.

In an effort to help as many people as possible, we will be limiting phone calls to 10 minutes, and unfortunately will be unable to return voicemails. We wish we could help everyone, we hope this helps some.

719-532-0801

One of these is coming for you on Tuesday!

If you haven’t filed yet, make sure you file an extension or you could face nasty penalties. You can do that instantly and for free here: https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return

The last few weeks we have been getting lots of questions about the Employee Retention Credit, or ERC. I think this is because business owners are getting inundated with calls, emails and texts saying they are “pre approved for a $26k per employee credit!” from these companies that seem to have popped up overnight looking to get a quick cash grab (some take as much as 25% of your credit as their fee!) by assisting business owners with applying for this credit. While it is true that if you had employees during 2020 and 2021, that you could qualify for a significant credit, be very careful who you use to guide you through the process. Qualifications are strict and the calculations needed to make sure you get the biggest credit possible while still remaining compliant are complicated. You also want to make sure you use someone who will still be around to help you if you ever get audited for your ERC claim (the audit period for this is 5 years).

We are always here to answer questions. We love supporting local businesses here in Colorado and if you do qualify for the credit, we would love to help you get it!

Happy October! Time for chilly nights, pumpkin spice everything, and…TAXES! The final deadline for filing your personal taxes is October 17th. Some of the biggest penalties the IRS assesses are for filing late. It can add up to 25% to the balance due, so make sure you have a plan in place to get those taxes filed! We are always here to help. Shoot us a message or give us a call 719-532-0801.

Partnership and S Corporation tax returns are due September 15th. If for some reason you are going to miss the deadline, make sure you get them done before October 15th. The penalty for late filing is assessed for every month the return is late so filing before October 15th means only one month of late filing penalty and helps ensure your personal tax return will not be late as well, possibly avoiding significant penalties on that. Feel free to call if you have questions, we are always here to help! 719-532-0801

Colorado residents now have until June 30th to file their taxes in order to get their $400 ($800 if married filing joint) TABOR refund checks. You must file a CO tax return before that date to get a check and there is currently no way of recouping it later if you miss out, so get those returns filed!

Shugrue & Jackson CPAs Certified Public Accountants

Just kidding, no you don’t. But you can avoid hefty late filing penalties by filing an extension. Link to the form below.

https://www.irs.gov/pub/irs-pdf/f4868.pdf

It’s that time! If you have not filed your taxes yet it is imperative that you file an extension. The IRS assesses a late filing penalty of 5% a month up to 25% of your balance due if you file late. Below is a link to file your extension for free online.

Extension of Time To File Your Tax Return | Internal Revenue Service How to get an extension of time to file your tax return.

The IRS has extended the tax filing deadline to May 17th. This new deadline also applies to any 2020 tax payments that would have been due April 15th.

Did you receive unemployment benefits in 2020? If so, the newest stimulus has some good news for you. Up to $10,200 of your benefits could be tax free. For the millions of people who already filed and paid taxes on these benefits, they will need to amend tier returns to recoup those taxes already paid. For those who haven’t, make sure those benefits are excluded from your income before you file.

We are always here to help. 719-532-0801, [email protected], or PM us.