IRS 2021 Tax Filing Season Begins Feb. 12th

January 21, 2021 @ 12:54 AM · Taxes - Filing Deadlines

Tax Time 2021On January 15, 2021, the Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021.  That's when they will  begin accepting and processing 2020 tax year returns.  The February 12th date would allow the IRS time "to do additional programming and testing of IRS systems to reflect the December 27th tax law changes that provided a second round of Economic Impact Payments and other benefits'.  They also feel the later date will reduce refunds delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

FYI:  Although tax seasons frequently begin in late January, there have ......

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Yes, BGGE Is Open with Steps To Make 2021 Tax Filing Easier

Make Filing Taxes EasyThe IRS has not officially announced this year's tax season start date yet, but BGGE tax season starts on January 2nd every year.  As a bookkeeper, I crunch numbers before, during, and after the national tax season deadlines.  Since most of my business clients are sole-proprietors, I create their chart of accounts and reports in-line with the Schedule C. 

But tax planning is for everyone.  Having your records organized, not only makes preparing your return easier, but a paid preparer may reduce your fees because of this.  It may also help you discover potentially overlooked deductions or credits. 

Remember, most income is taxable even if you do not receive a form.  Written documentation is often ...

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Happy New Year! BGGE Covid Projects in 2020 and 2021

January 2, 2021 @ 12:28 AM · About BGGE, Covid-19, Site News

Happy New Year 2021Happy New Year!   It has always been my aim to provide cost-effective and quality services to my clients.  BGGE has grown over the years because of  them.  For me, success is about more than money and wealth.  It is also about the  friendly and honest relationships that I have developed with my clients and business partners.  With my sincerest gratitude, I wish you and your family a Happy New Year!  

 

At the beginning of 2020, I had big plans for BG&G Enterprises and BGGE.com.  Semi-retired, I wanted to provide more resources to help my clients.  I also wanted to focus on more design, creative writing, and ecommerce projects.  I had already penciled in my editorial...

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ADOR Issues 2020 Tax-Relief Update

April 10, 2020 @ 9:10 PM · Taxes - Filing Deadlines, Taxes - State Returns

Alabama Tax Deadline Extended to July 15, 2020

On April 10, 2020, the Alabama Department of Revenue announced  that they have updated certain tax-relief policies as it relates to income and other taxes.   Mirroring the expansion of filing and payments due-dates covered in a similar update issued by the IRS on April 9, the deadline for filing and payment of 2019 Alabama tax returns has been extended from April 15 to July 15, 2020.  
 
"Taxpayers can defer state income tax payments due on or after April 1, 2020 (previously April 15), and before July 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and ......
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2019 Tax Filing and Payment Deadline Extended to July 15th

2019 Tax Filing and Payment Deadline Extended to July 15thThe deadline for tax filing and payment of 2019 tax returns has been extended from April 15 to July 15, 2020.   This special tax filing and payment relief is offered to individuals and businesses in response to the COVID-19 Outbreak by the Treasury Department and the Internal Revenue Service.   
 
Whether you are due a refund or owe taxes, the IRS encourages taxpayers to file their returns as soon as they can despite the extra time.  

State filing and payment deadlines vary from state to state.  More information is available at https://www.taxadmin.org/state-tax-agencies.

 

More Highlights of IRS News Release:  

  • Relief applies to all individual returns, trusts, ...
  • ...
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2020 Tax Filing Season Begins Jan. 27

January 20, 2020 @ 5:37 AM · Taxes - Filing Deadlines
2020 Tax SeasonThe Internal Revenue Service will begin accepting and processing 2019 tax year returns on Monday, January 27, 2020.   They set this date "to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns."    Income tax returns with the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) will not be processed until mid-February as dictated by law.  These credits have often been abused so the additional time allows the IRS to verify that taxpayers actually qualify for them.
 
The IRS encourages taxpayers to file electronically.  It is fast and more accurate than paper returns because it flags common...
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What Happens If You Miss the Oct. 15th Tax Extension Deadline?

October 8, 2019 @ 3:28 AM · Taxes - Filing Deadlines

What if I miss tax extension deadline

The October 15th deadline is fast approaching for taxpayers who filed Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.  State tax extension deadlines vary by state.  Alabama's deadline is the same date as the federal deadline.  Special tax extension deadlines were approved for certain members of the military serving in combat zones, taxpayers living outside the U.S., and those living in declared disaster areas, if they qualified.

Although some taxpayers were given at least six extra months to file their taxes, they are still procrastinating.  Many have misplaced their W-2's, 1099's, and other financial documents.  Or they may be still ...

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It's Time for a Paycheck Checkup

September 3, 2019 @ 3:38 PM · Taxes - Filing Deadlines

W-2 and W2P CertificatesTaxpayers who haven’t checked their withholding this year should do so as soon as possible.  A "Paycheck Checkup" can help you see if you’re withholding the right amount of taxes from your paycheck. In general, this should be performed whenever there are major lifestyle changes like marriage or divorce, birth or adoption, new job or unemployment, etc. 
 
Major tax law changes should also prompt a paycheck checkup.  This year, the Tax Cuts and Jobs Act resulted in some taxpayers being surprised by a smaller refund,  an unexpected tax bill, and/or an underpayment penalty because they had not made the proper withholding adjustment in 2018.  
 

Taxpayers most likely...

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Celebrating Back to School Season

August 21, 2019 @ 2:39 PM · Education, Site News
BGGE is celebrating "Back to School" season in August and September.  That means I will be dusting off some of my education-related articles and overhauling several channels at bgge.com, especially the Education Center.  As always, please be patient during this "live" revamp.  Come back later if you find broken links, distorted pages, etc.  
 
During this "Back to School" celebration, I've decided to return to the "social media world" to address some of my client's questions - "educate them".   I'm currently developing  hashtags to cover the wide range of BGGE topics.
 
Many of my clients, family, and friends ...
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2019 Tax Filing Season Begins Jan. 28

January 18, 2019 @ 4:49 AM · Taxes - Filing Deadlines
On January 7, 2019, in news release IR-2019-01, the Internal Revenue Service confirmed that despite the government shutdown, "it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled".   Software companies and tax professionals are already accepting tax returns and will submit them when the IRS systems open later this month.  
 
The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers.  However, Maine and Massachusetts residents have until April 17, 2019 to file their returns.  
  
Nearly 50,000 IRS employees furloughed as part of the government shutdown have been called back to work.&...
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