Filing Feed

Just can't get motivated to do your taxes? You are not alone. It's April, but the pandemic has shifted the tax focus this year from filing, which has a new July 15 deadline, to the coronavirus economic relief payments. Still, if you're due a refund — and yes, some folks who get tax money back still dally when it comes to sending in their returns — you might want to go ahead and get to work on that 1040. The main reason to file is that you'll get your 2019 tax year refund. That's not going to happen until the... Read more →


Photo courtesy MoneyBogNewz via Flickr CC This weekend many businesses and their tax advisers are still trying to sort out the complexities of Small Business Administration Paycheck Protection Program. It's part of the $2 trillion federal coronavirus relief package, officially known as the CARES Act, that became law on March 27. The Paycheck Protection Program, or PPP, was created to get cash relatively quickly to small business owners whose operations have taken hits due to the pandemic and efforts to stem it, such as forced closures. It's supposed to have less red tape than the existing SBA loan programs and... Read more →


Treasury backtracks and now says Social Security recipients who qualify for the COVID-19 payments will get the money without having to file a tax return. Never underestimate the power of the older population. The U.S. government learned that lesson this week, when the Treasury Department announced, contrary to its prior assurances (and a new law), that folks on Social Security would have to file a tax return if they wanted to get their share of the coronavirus relief payments. Last night, Treasury Secretary Steve Mnuchin reversed that requirement. (Yes, on April 1. No, it was no an April Fool's Day... Read more →


"No action needed" by most, says IRS, to get COVID-19 stimulus payments. But some, including Social Security recipients, will have tile a "simple" tax return to get the money. This has changed. See second update below in the Q&A section. Adobe Stock The coronavirus checks will soon be in the mail, or rather headed directly to your bank account. That's the official word from the Treasury Department and Internal Revenue Service. The agencies announced on Monday, March 30, that the economic impact payments authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act will begin going to eligible taxpayers... Read more →


The law that created coronavirus stimulus payments just took effect yesterday and we're weeks at best from getting actual money. But tax planners have been thinking about COVID-19 tax intricacies since the illness exploded in the middle of this tax season. These payments just add a new tax filing wrinkle, since what we put on our 2019 returns could be a key part in the relief amount's ultimate dollar calculation. Tony Nitti, a CPA and tax partner with RubinBrown in Aspen, Colorado, has a good preview of what our tax filing actions now could mean to our potential coronavirus payments... Read more →


Thank you, Internal Revenue Service. The tax agency has confirmed that 2019 tax year contributions to individual retirement arrangements (IRAs) and health savings accounts (HSAs) can be made as late July 15. These accounts are among the very few areas where a tax break doesn't have a Dec. 31 deadline. In normal tax seasons, contributions to an IRA or HSA can be made and claimed for the prior tax year as late as April 15, which is the usual tax filing deadline. However, this year, as everyone already knows, the chaotic convergence of COVID-19 and taxes prompted the IRS to... Read more →


Retailers aren't the only ones closing their doors to customers during the coronavirus crisis. So is the Internal Revenue Service and other tax-related operations. As cases of COVID-19 increased, the IRS has acted to protect not only taxpayers but its employees. The goal is the new global mantra — to flatten the curve of the potentially deadly virus' transmission. IRS in-person actions curtailed: "We're taking several immediate steps to protect employees while still delivering on the mission-critical functions," said IRS Commissioner Charles Rettig, in a message to his staff that also is posted on the tax agency's website. These virus-affected... Read more →


We're in what during normal times would be the annual tax season's big push to the end (or an extension). But these are not normal times. Instead, it feels more and more like we're living in a tax version of Bill Murray's classic "Groundhog Day." That's because for the second time in three days the Treasury Department and Internal Revenue Service have moved the deadlines for filing and paying taxes. Friday, March 20, morning Treasury Secretary Steve Mnuchin decided that an earlier decision that split the usual April 15 deadline for tax filing and paying should be changed. So he... Read more →


The Senate also addresses this year's tax filing and payment deadline, as well as those for 2020 estimated tax payments, in its coronavirus relief bill. Keep reading for more on this latest change and check out this Q&A for elaboration from the IRS on some specific tax considerations under the new mid-July deadlines. 2019 tax year returns and any due payments now will be due on July 15, 2020, according to a Treasury Department announcement this morning. And yes, I drew that sloppy circle and scribbled the info on my own calendar. I should have had a cup of coffee... Read more →


Unemployment claims are skyrocketing across the United States as more businesses close as a precaution to stem the spread of the coronavirus. The latest on claims for unemployment benefits was released today by the U.S. Department of Labor. For the week ending on March 14, around 281,000 Americans filed first-time claims for the benefits. That's up 33 percent from the 211,000 benefits claims the week before. Percentage wise, the increase was among the largest one-week spikes on record. Here in the Lone Star State, the Texas Workforce Commission reports that from March 8 to March 14 it received 16,038 unemployment... Read more →


UPDATE, 2:15 p.m. CDT, Wednesday, March 18, 2020: The Treasury and Internal Revenue Service have issued an official statement about the April 15 tax payment grace period. The portions that answer some of the questions raised earlier in this post are now added as yellow highlighted sections within the original post with any additional notations by me in red. Our world has been upended by the coronavirus pandemic, but we're still trying to hold on to some semblance of normal life. One of those life constants this time of year is taxes. Yesterday, March 17, Treasury Secretary Steve Mnuchin joined... Read more →


How are you feeling? That's the question everyone is asking themselves, family and friends as we adapt to the changes forced upon us by the coronavirus pandemic. Social distancing — limiting your interactions with others, either at work or in recreational (remember those?) settings — is the new norm. For the introverted hubby and me, it's simply our norm. We both work from home and don't go out much. We used to joke that our self-imposed isolation works against us when we do venture into the wider world. We don't have an immunity to basic ailments. The hubby gets a... Read more →


States also are coping with COVID-19 and tax return timing, with a handful already delaying some returns. UPDATE, March 21, 2020: Tax Day 2020 has changed again. Now taxpayers have until July 15 to file their 2019 returns and pay any due tax. This latest change was announced March 20 and the IRS issued some guidance on the changes on March 21. This window's timely admonition usually is good advice as April 15 nears. This year, however, Tax Day may be pushed back due to the spreading coronavirus. (Painted window in Harlingen, Texas, 1939, by Lee Russell; New York Public... Read more →


Happy Pi Day 2014. March 14 is the annual celebration of pi, usually indicated by the Greek letter π, since the 3/14 calendar format is a close representation of pi's first three digits. What exactly is pi? Naturally, I went to the internet to find out, so math experts please cut me a slice of slack here. The consensus is that pi is a number that originally was defined as the ratio of a circle's circumference to its diameter. It's a mathematical constant, meaning it isn't changed by the size of the numbers it is used to equate. It's also... Read more →


If you're freaking out about the approaching April 15 tax filing deadline, the Internal Revenue Service might have some welcome news for you. There's talk in Washington, D.C., of postponing the regular tax filing deadline. The reason (you guessed it) is the coronavirus that's spreading across the country. Mass gatherings — social, political and cultural — already have been halted or dramatically limited in many places. Such actions have hit home for me. Here in Austin, we're — well, they, not really we, as I long ago quit going to the thing — in mourning over the cancellation of South... Read more →


I feel like one of the wrung out wacky clocks in Salvador Dalí's "The Persistence of Memory" every time we have to spring forward and lose an hour. (Oil on canvas, 1931 © Salvador Dalí, Gala-Salvador Dalí Foundation/Artists Rights Society (ARS), New York. Photograph taken in 2004. Image via About.com, fair use, Wikipedia Commons) Time and tax deduction method changes It's that time again, literally for most of the United States that switches from Standard to Daylight Saving Time (DST). Whether you like the shift to DST, which provides more sunshine at the end the day. Or hate it since... Read more →


You finished your tax return and the news is not good. You owe Uncle Sam money. Don't freak out, at least not yet. Your payment isn't due until April 15. That gives you time to figure out how to come up with the cash and/or get it to the U.S. Treasury. The Internal Revenue Service, naturally, has some suggestions. Let's start with the agency's new favorite tax payment method. Yep, I'm talking electronic. You have several digital options. 1. Credit, Debit or Digital Wallet: Paying by plastic is one of the oldest and most popular tax e-pay methods. As the... Read more →


Volunteer tax preparers help Florida taxpayers complete and file their taxes. (Photo courtesy United Way of the Big Bend) You checked out Free File, but you're just not comfortable relying on the tax software alone. But when you looked into hiring a tax preparer, the fees put too much pressure on your already stretched budget. Good news! There are tax-savvy volunteers across the United States ready to help lower-income and older taxpayers fulfill their annual filing responsibilities. These folks are at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) locations nationwide. They are members of your... Read more →


Princess Bride impatience via Giphy.com Refunds are the focus (and goal) of millions of Americans every tax-filing season. They intentionally withhold too much money during the year, creating a forced savings account from which they can withdraw their refund in the next year. Then they file early to get their tax cash back as soon as they can. But every year, they also fall for some refund myths, misconceptions and just plain wrong information they think will help them get their money sooner. Some of these are relatively benign beliefs, at worst slowing down refunds. Others can be costly. Here... Read more →


Photo: Nashville Metro Police Department via Twitter Spring storm season came early and with a vengeance to the southern United States last night. At least 25 people lost their lives when a tornado roared through the Nashville area early today. Tornado sirens started sounding around 2 a.m. Central Time on March 3. By the time the twister completed its rampage, it had become Tennessee's second-deadliest March tornado. More than 150 were injured. Residents and officials are still assessing property damage. Volunteer State residents are living their home's motto today, as they not only work through their losses, but also helping... Read more →