MacKey Accounting & Tax Services

The filing deadline for paying 2020 estimated taxes is January 15, 2021. You can pay with:
• A bank account
• A credit or debit card
• A check or money order
• Cash
https://go.usa.gov/xGTnE

There's still time to make an estimated or additional tax payment to ensure your tax withholding is still accurate.
Click here to find out more, including deadlines and how to make a payment:
www.irs.gov/individuals/employees/tax-withholding

If you didn't receive your Economic Impact Payment, you might be able to claim it with your 2020 Federal income tax return. If you didn’t receive a payment, or your payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018) plus $500 for each qualifying child you had in 2020, you can claim the Recovery Rebate Credit.
To learn more, click here: www.irs.gov/eip

Starting in January, taxpayers may opt into the IRS Identity Protection (IP) PIN program. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpayer’s identity and accept their electronic or paper tax return. To learn more, click here: https://go.usa.gov/x7M5H

Following special tax law changes, cash donations of up to $300 made before Dec. 31, 2020, are now easily deductible when people file their taxes in 2021. See details at: https://go.usa.gov/x79jx

There are several tax-related tasks to do before the end of 2020. To find out what they are and what you need to do to get them done, click here:
https://go.usa.gov/x7Amc

Businesses should be especially alert to any COVID-19 or tax-related phishing email scams that attempt to trick employees into opening embedded links or attachments. Starting Dec. 13, 2020, the IRS will begin concealing sensitive information from business tax transcripts, the summary of corporate tax returns, to help prevent thieves from obtaining identifiable information that would allow them to file fake business tax returns. To see tips from and the Security Summit, click here: www.irs.gov/securitysummit

Starting in January, taxpayers may opt into the IRS Identity Protection (IP) PIN program. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpayer’s identity and accept their electronic or paper tax return. To learn more, click here: www.irs.gov/securitysummit

To verify your donations are going to a legitimate charity, click here: www.irs.gov/teos

Prepare now for tax filing season so you can file your federal tax returns timely and accurately in 2021. To learn more, click here: https://go.usa.gov/x7yr2

Income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit have all increased for 2021. To see how this may affect you, click here: https://go.usa.gov/x72gn

Time is running out, claim your EIP by 3 p.m. EST this Saturday, Nov. 21.
https://go.usa.gov/x79gS

Here’s how the CARES Act changes deducting charitable contributions made in 2020. Learn more @ https://go.usa.gov/x79jx

Taxpayers who owe always had options to seek help through payment plans and other tools from IRS, but the new Taxpayer Relief Initiative is expanding on those existing tools even more. To learn more, click here: https://go.usa.gov/x7KaD

Learn more about these scams and avoid becoming a victim. Click here to find out more: https://go.usa.gov/x7XY7

The IRS and our partners across the country are reminding everyone who doesn’t normally file a tax return to register by Nov. 21 to receive an Economic Impact Payment.

“National EIP Registration Day” is today November 10. This special event features groups inside and outside the tax community helping to spread the word about the new Nov. 21 deadline to register for a payment.

For more information, click here: www.irs.gov/coronavirus/get-my-payment

IRS is now using QR technology, click here to find out more.

To learn more about phishing scams and how to avoid them, click here: www.irs.gov/phishing

To learn more, click here: https://go.usa.gov/x7xXn

These ITINs expire Dec. 31, 2020:
• ITINs not used on a federal tax return at least once in the last three years.
• ITINs issued before 2013 with middle digits of 88.
• Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed.
To find out more, including how to renew an ITIN, click here: www.irs.gov/itin

To find out more, click here: https://go.usa.gov/xGzB5

Tax exempt organizations, click here for more information: https://go.usa.gov/x7xaB

If you were affected by a disaster your tax deadlines might have changed. Click here to see if you qualify: www.irs.gov/disasters

Avoiding Economic Impact Payment Scams Watch out for scams regarding the economic impact payments. For more information, go to https://www.irs.gov/eipfaq

California residents who were victims of the wildfires: The IRS provides tax relief postponing several tax deadlines. This means taxpayers who had an extension to file due on Oct. 15 will now have until Dec. 15, 2020. https://go.usa.gov/xG3PK

The IRS provides tax relief to Louisiana victims of Hurricane Laura, postponing several tax deadlines through the end of the year. This means taxpayers who had an extension to file due on Oct. 15 will now have until Dec. 31, 2020. To learn more, click here: https://go.usa.gov/xGgRb

The countdown is on! If you filed for an extension, you must file by midnight on October 15. To get started, click here: www.irs.gov

If you’re due a refund, no matter how much, make sure to choose direct deposit. It is the most secure and quickest way to get your refund. Learn more: www.irs.gov/directdeposit

The IRS released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to find out if they're eligible to claim an Economic Impact Payment.
These letters will go to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register.
To claim yours, click here: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

VETERANS ALERT: If you’re a VA benefit recipient with qualified dependent children but didn’t get the supplemental Economic Impact Payment for them, see details about the Sept. 30 deadline for an additional $500 per child from IRS. To claim yours, click here: www.irs.gov/nonfilereip

Eligible employers are those businesses with operations that have been partially or fully suspended due to governmental orders due to COVID-19. It also includes businesses that have a significant decline in gross receipts compared to 2019.

https://www.irs.gov/coronavirus/employee-retention-credit

The IRS is reopening the registration period for federal beneficiaries who didn’t receive $500 per child payments earlier this year. We’re doing this to help taxpayers who were unable to provide their information in time to receive Economic Impact Payments for their children. Use the Non-Filers tool on IRS.gov through Sept. 30 to enter information on qualifying children to receive the supplemental $500 payments. To learn more click here: www.irs.gov/nonfilereip

Have questions about tax payments and penalties and not sure where to look? Most answers to these questions can be found on IRS.gov. There you can find information and resources on a wide range of topics related to penalties and payments. Get started now, click here: https://www.irs.gov/newsroom/taxpayers-can-go-to-irsgov-for-answers-to-questions-about-payments-and-penalties

Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, some teachers may be able to deduct up to $250 of unreimbursed expenses. To learn more, click here: https://www.irs.gov/newsroom/what-teachers-should-know-about-deducting-out-of-pocket-classroom-expenses

Help us spread the word to eligible teachers by liking and sharing this post!

Find out more about the Lifetime Learning Credit, which can help with education costs.

Find out more: https://www.irs.gov/credits-deductions/individuals/llc

Find the Tax Withholding Estimator here: https://www.irs.gov/w4app

An IRS tip: DYK the simplified method of the IRS home office deduction makes paperwork and recordkeeping easier?
Learn more about the home office deduction in IRS Pub 587, Business Use of Your Home. To learn more, see: www.irs.gov/pub587
www.irs.gov/selfemployed

An IRS reminder to taxpayers: Unemployment compensation is taxable. Plan ahead and have tax withheld now to avoid a tax-time surprise. Learn more: https://go.usa.gov/xfzmM