SCP Financial Services, LLC

Food for thought!!!!

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What are Business Expenses per the IRS!

www.irs.gov

You have a month before the the April 18th tax deadline. Have you filed your taxes yet?
Don’t wait until the last minute!!! Get them in!!!!

FYI: Tax Filing Delay For Some Taxpayers

If you took an Early Distribution from your 401-K in 2020 Due to Corona Virus Relief, and spread it across three years for tax purposes; There WILL be a delay in electronically filing your tax return.

Form 8915-F is used for this purpose and it is still in draft mode. The IRS hasn’t provided an exact date for the release of the final form.

Thanks
SCP Financial Services, LLC

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline

The IRS will begin accepting electronic returns on Monday, Jan 24, 2022.

Tax Filling Deadline is, Monday, May 17, 2021. Filling an extension doesn’t extend your time to pay, if you owe, only the time to file!!

IRS to Extend Filing Season

The IRS has announced that it will extend the filing season until Monday, May 17, 2021. This one-month extension is for filing and payment.

2021 tax filing season set to begin February 12

The IRS will begin accepting and processing 2020 tax year returns on Friday, Feb.12, 2021.

People who are ready to file can begin filing their tax returns with tax prep software, including IRS Free File. Software providers are accepting completed tax returns now and holding them until the IRS begins processing returns on Friday, Feb.12. The quickest way for taxpayers to get a tax refund is by filing electronically and choosing direct deposit for their refund.

Most earned income tax credit or advanced child tax credit related refunds should be available in taxpayer bank accounts or on debit cards by the first week of March, if they choose direct deposit and there are no other issues with their tax return.

By law, the IRS cannot issue refunds before mid-February for tax returns that claim the earned income tax credit or ACTC. The IRS must hold the entire refund — even the portion not associated with EITC or ACTC. This helps ensure taxpayers receive the refund they deserve and gives the agency more time to detect and prevent errors and fraud.

To make filing easier, taxpayers should:

File electronically and use direct deposit for the quickest refunds.
Check IRS.gov for the latest tax information. There is no need to call the IRS.
Those who may have been eligible for stimulus payments should carefully review their eligibility for the recovery rebate credit. Most people received Economic Impact Payments automatically and those who received the maximum amount don’t need to include any information about their payments when they file.

They received the full amounts of both Economic Impact Payments if:

Their first Economic Impact Payment was $1,200 for individuals; $2,400 married filing jointly for 2020, plus $500 for each qualifying child born in 2020.
Their second Economic Impact Payment was $600 for individuals; $1,200 married filing jointly for 2020, plus $600 for each qualifying child born in 2020.
People who didn't receive the payments or only received partial payments may be eligible to claim the recovery rebate credit when they file their 2020 tax return, even if they are normally not required to file a tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.

Taxpayers should remember that stimulus payments they received are not taxable, and don’t reduce the amount of their refund.

Important filing season dates

Friday, Feb. 12. IRS begins 2021 tax season. Individual tax returns start being accepted, and processing begins.
Thursday, April 15. Due date for filing 2020 tax returns or requesting extension of time to file.
Thursday, April 15. Due date for paying 2020 tax owed to avoid owing interest and penalties.
Friday, Oct. 15. Due date to file for those requesting an extension on their 2020 tax returns.

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2021 tax filing season set to begin February 12 | Internal Revenue Service COVID Tax Tip 2020-09, January 28, 2021