Sunshine Accounting, LLC

Tax day extended to May 17, 2021!!!!🎊🎉🎈

You can delay to file and pay your federal, NY & NJ taxes till May 17, 2021.

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

https://www.tax.ny.gov/pit/file/income_tax_filing_due_dates.htm

https://spartanj.org/2021/03/24/nj-state-tax-deadline-extended-to-may-17/

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

For two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees.

Biden to revise small business PPP loans to reach smaller, minority firms President Joe Biden on Monday launched changes to the U.S. coronavirus aid program for small businesses to try to reach smaller and minority-owned firms, sole proprietors and those with past criminal records left behind in previous rounds of aid.

LLC vs. S-Corp

LLc VS S-Corp With so many different business structures and tax entities available to file under in the US it can be difficult to know what advantages, limits, disadvanta...

Can you deduct pet expenses?

You Can Deduct Pet-Related Expenses On Your Tax Return (Sometimes) The recently signed Tax Cuts and Jobs Act brought many changes to the tax laws. Unfortunately, your pets still cannot be claimed as dependents on your taxes. However, there are a few circumstances where the IRS will allow specific tax deductions for dogs and other pets, and their related expenses.

Let's Begin!!!! The Season is open!

Tax Season is HERE!!!!!

February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

April 15. Deadline for filing 2020 tax returns.

October 15. Deadline to file for those requesting an extension on their 2020 tax returns

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Did you get your second stimulus? If not, you will be able to claim a credit for it on your taxes.

Recovery Rebate Credit | Internal Revenue Service Eligible individuals can claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.

https://www.google.com/amp/s/amp.cnn.com/cnn/2020/12/28/politics/house-vote-direct-payments-2000/index.html

House passes measure to increase stimulus checks to $2,000 The House of Representatives on Monday passed a measure to increase stimulus checks for Americans under a certain income level to $2,000 after President Donald Trump championed the effort, sending the bill to the Senate where its future is less certain.

Democratic lawmakers who have a majority in the House of Representatives and have long wanted $2,000 relief checks, hope to use a rare point of agreement with Trump to advance the proposal - or at least put Republicans on record against it - in a vote on Monday.

After Trump backs down on stimulus bill, Democrats aim for higher relief checks Democrats in the U.S. Congress on Monday will try to push through expanded $2,000 pandemic relief payments for Americans after President Donald Trump backed down from a fight with lawmakers that could have shut down the federal government.

https://abcnews.go.com/Politics/pandemic-relief-payments-congress-voting-early-week-mnuchin/story?id=74842477

Senate and House pass COVID-19 relief bill, measure heads to Trump's desk Americans who qualify for direct payments in the new COVID-19 relief legislation should expect to see money in their accounts as early as next week, Mnuchin says.

More detailed analysis of the new stimulus bill...besides extended unemployment benefits, stimulus checks, and possibilities for cheap borrowing, the bill is also looking out for affordability of healthcare:

“The agreement would make certain surprise medical bills illegal. These bills typically surface after an out-of-network provider is unexpectedly involved in a patient’s care — think emergency room physicians, anesthesiologists and ambulances.




Under the new law, instead of charging patients, health providers will now have to work with insurers to settle on a fair price. The new changes will take effect in 2022, and will apply to doctors, hospitals and air ambulances, though not ground ambulances.”

The Stimulus Deal: What’s in It for You Lawmakers agreed to issue stimulus payments of $600 and distribute a federal unemployment benefit of $300 for 11 weeks. But that money will take time to start arriving.