Here at Anstett CPA PA, we went through Irma nearly unscathed. We had water damage to our flooring, no power for a week, and spotty internet and phones, however, we are grateful that the storm surge that was predicted did not occur! We are back up and running, and ready to guide you through the tax questions you may have after facing Irma. Now let's get the important information on how Irma may affect your taxes this year!
Be prepared for whatever storms season throws our way ahead of time. Having your hurricane supplies ahead of time will save you the frustration of hitting the stores right before a storm hits. And some of these items can be useful on a regular stormy summer evening as well. Plus, there are lots of things you can do around your home now to save you time when you need it.
This Labor Day I am going to share with you one of my favorite foods. Being from Wisconsin, there is only one food that clearly defines Football season and Labor Day and that is the beer brat. Enjoy a great and easy recipe to make beer brats and have a safe and happy Labor Day!
As little league baseball season begins to wind down, I can take some time to reflect on this past little league season and the contributions so many people make to ensure the children of our community have an amazing experience.
This year was my first year as Treasurer for our local little league organization. The experience has proven to be beneficial in so many ways. I have met so many new people, grown my referral business and got to experience little league baseball from a new perspective.
Our kids love Summer! They dive head first right into all things Summer. But, along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
Receiving a letter of any kind from the IRS can be a heart-attack-inducing moment. Happily, not every piece of IRS correspondence is bad news. Some IRS notices are actually positive, while others are simply meant to inform you of an ongoing situation. Here are some of the most common IRS notices and how to respond to them.
If the government owes you, you'll lose your refund if you don't file within 3 years of the April tax filing deadline date.
On the other hand, if you owe taxes, you'll be subject to the failure-to-file penalty, which amounts to 5% of your unpaid tax bill for every month your tax bill remains unpaid after the April deadline, up to a maximum of 25%.
If you missed the April 18, 2017 deadline and you're getting a refund, there's no need to panic.
2016 tax returns that are due a refund have until April 18, 2020 (October 16, 2020 with an extension) to be filed with the IRS before the statute of limitations on the refund runs out. If you don't file by then, the U.S. Treasury simply keeps your "donation."
However, if you owe additional tax, file your return as soon as you can, even if you can't pay your tax bill right away.
The late-filing penalty can be 10 times higher than the late-payment penalty, and the longer you wait, the worse it gets.