If you’re working, but have had changes in income due to the pandemic this year, you might want to take a look at the amount of income tax being withheld. The Internal Revenue Service is reminding taxpayers to use the IRS Tax Withholding Estimator available at www.irs.gov to avoid surprises when filing next year. The estimator offers workers, retirees, self-employed individuals, and other taxpayers a clear, step-by-step method to help determine if there is a need to adjust their withholding and submit a new Form W-4 to their employer. You should also check your withholding when life changes occur, such as marriage, childbirth, adoption, and buying a home. The latest update of the Tax Withholding Estimator provides detailed explanations for withholding recommendations on the Results Page.
The rules are ever-changing and there’s new legislation talk, but as of press time, here are some key pieces of information you should know about the PPP loan program. Be sure to stay in touch with your CPA and your lender for updates on the details of the PPP. If you have questions, please email solutions@alloysilverstein.com for assistance.
The Internal Revenue Service announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates for the third quarter will be:
Third quarter individual estimated tax payments for 2020 are due. Filing deadline for extended 2019 S-corporation and partnership returns.
Filing deadline for extended 2019 individual tax returns and calendar-year C-corporation returns.
Estimate your 2020 income tax liability and review your options for minimizing your 2020 taxes. Call to schedule a tax planning review.
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