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About Kirk A Taylor EA
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Blog postThis is the post that I will use to provide details on changes to the Advanced Child Tax Credit and the IRS Update Portal (CTCUP).
The original post, with all the details of the law is HERE.
I will update this post as necessary and will let Facebook followers of my Everyday Taxes page know when I make changes. Please follow this blog to see my other posts.
8/22/2021 Update: You can now update your mailing address for checks on the Update Portal (link at bottom of this pos -
Blog postI've compiled a Master List of my posts for easy reference. Not every post is included, and I have changed the order to put the most important or timely ones on top, and to group some based on categories (Military, Obamacare, Tax Software). I will try to keep this updated and just below the latest post. Please let me know in the comments if I screw up a link :) Some of the posts are OLD so be careful assuming the information is current.
If you have a Kindle, you can get a copy of my -
Blog postPhoto by Blogging Guide on UnsplashIf you have children who are 17 or younger you may soon receive Letter 6417 from the IRS detailing how much they are planning to send you in Advance of your 2021 Child Tax Credit. These payments will start arriving in July, and understanding how they are determined, and how they affect your 2021 taxes is vitally important. In the best case, you get some nice payments up front, with a potentially small impact on your 2021 refund. In the worst case, your incom
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Blog postThis change in the latest COVID stimulus bill has not gotten enough attention. Here's a headline: A credit that was worth, at most, $1200 for most people is now worth up to $8000 for a heck of a lot more people.
Do I have your attention?
First, a bit about how the credit works:
For most people, you put your kid(s) in daycare so you (and your spouse) can go to work. You get a statement from the daycare and you put it on your tax return. With one kid, you get a credit for u -
Blog postThe IRS will not begin accepting tax returns until Feb 12th.
This does not mean you can't e-file, just that the 6 to 21 day refund clock won't start until 2/12 if you file early.
https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic
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Blog postState Guidelines for Military (2020 values)
I have a LOT more good information for you in The Short Cheap Tax Book for the Military.
The information here is subject to change as states update their information. I will update at least weekly until mid January, so please check back just before you file. The primary purpose of this is discussing the taxation of active duty pay, but I have mentioned retired pay for some states when I found the answer easily, -
Blog postThe New Stimulus Check:
The amounts for this are $600 for each adult individual (meaning a married couple filing jointly gets $1200) as well as dependents age 16 or under as of 2019. The rules are almost exactly the same as the previous checks, which are covered in great detail in older posts on the subject. Here I am going to cover things in a lot less detail, highlighting the major differences.
First, if the place your first stimulus went is still active, the new stimulus sh -
Blog postDetails are sketchy, but it looks like $600 checks per individual are coming, with $600 for dependents under 17 vice the $500 from before.
Probably will be sent out in a similar manner to the last set, and if you ultimately got the old ones, especially via direct deposit, you should be good for this set.
They should be coming very soon, as early as next week (just after Christmas).
Outstanding questions abound. For me, I am wondering if these will be an advance on 2020 ta -
Blog postPhoto by Kelly SikkemaIf you are unable to work or engage in your business as a result of quarantines, shutdowns, getting sick, school/daycare closings or various other reasons, you might be entitled to one or both of credits for sick leave or family leave. These credits are for employers to recoup payments they make to their employees who are unable to work for the above reasons. But, if you would have been entitled to these credits as an employee doing what you do, you qualify for them as t
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Blog postThe IRS "Get Your Payment" app is live: Access by clicking HERE
UPDATE (5/12): The IRS says people have until noon on 5/13 to update direct deposit information. I assume this applies to people who filed a while ago and that recent filers will have more time.
You use this app if you filed a 2018 or 2019 tax return, but did not have a REFUND direct deposited into your account. If you OWED...this is the app for you.
You can also use the app to get a -
Blog postThese instructions are provided to assist my current and referred clients (or brand new clients) with preparing taxes remotely through Lighthouse Tax.
The best way to do this is to email me at taxadvisor@email.com and give me your name, phone number and email address. With that, I will share a drop box folder that only we can access. You can upload your documents there. You can also email them directly to me, but you do that at your own risk. I also need a copy of your 2019 tax retu -
Blog postThe IRS is going to send stimulus checks based on a 2019 or 2018 tax return. You might need to file a tax return in 2019 to get your stimulus check. Here are a few scenarios where it might be required and all of these assume you don't already have a 2018 tax return that has proper information for your income and direct deposit information:
Instead of doing the $1 returns below, the IRS now has a free non-filer system available by clicking HERE.
1. You made too litt -
Blog postJust a bunch of tax and non-tax information for those interested. Check back for additional information as I add it:
SuperTaxGenius Master Index (with a Section on the Virus)
Taxes and Stimulus Payments:
IRS.gov Coronavirus Page
IRS.gov Stimulus (Economic Impact Payment) Page
H&R Block's Stimulus Calculator
Treasury Page for Social security recipients about Stimulus Checks
Slideshow with Information About Sick Leave and Medical L -
Blog postThis is the post everyone wants to read.
How much am I getting and what do I need to do?
For most people, the answer is $1200 per taxpayer and spouse (each) and $500 for each dependent under age 17 and you don't need to do anything. Specifically, if you filed a 2019 tax return, made less than $75,000 filing Single or Married Filing Separately, $112,500 Head of Household, $150,000 Married Filing Jointly, and had direct deposit to an account that is still active, you will be get -
Blog postI'm going to try to consolidate all the Coronavirus stuff that I think is important into one tax post...
A lot of this is very early interpretations of the laws and guidance, and is subject to changing at any time.
First: The IRS is currently not manning their live phone lines. So don't try to call.
Second: You don't have to take your 2020 Required Minimum Distribution from your Retirement Account. This applies to people over the age of 70 and a half who have to t -
Blog postMailing of stimulus checks could take up to TWENTY weeks (per CNBC) if the IRS does not have your direct deposit information (from a 2019 or 2018 tax return). If you did not provide direct deposit info on your 2019 return, I don't think they will go back to 2018 to get it.
File your 2019 tax return now, even if you owe. Set up direct debit from your checking account to be taken on 7/15/2020.
This is the easiest way to ensure you get a quick direct deposit of your stimulus check.
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Blog postSo how do you get your taxes done if you are self-quarantined?
Is it safe to go to an office for tax preparation?
I don't really know the answer to the second question, but the first one is easy.
First, don't panic. If you are getting a refund, the IRS doesn't care if you are late. If you owe money, there's a good chance that relief from penalties will be in the offing.
But if you really need them done...you have options.
At home software -
Blog postIf you paid a penalty for not having health insurance in 2016 or later, there's a glimmer of hope...
In a court case: Texas vs. U.S. the Affordable Care Act individual mandate was ruled unconstitutional. There's a lot more to the decision, and it is far from final, but, if upheld, ACA penalties paid could be gotten back.
Here's the rub: The statute of limitations for claiming a refund for 2016 expires when tax season ends this April. So what do you do? You file a " -
Blog postToo many people...
The IRS is not in the business of scaring honest people.
They are in the business of verifying compliance with the tax laws of the United States.
They don't throw people in jail for making a mistake on their tax return.
If you don't lie to the IRS, ignore the IRS, or take frivolous positions, you have very little to worry about beyond having to pay some money back with penalties and interest.
Take an aggressive, re -
Blog postIf you started a new job, you may have had to fill out a new W-4 this year - and there are BIG changes.
The old W-4 used Single or Married and a number of exemptions to determine your withholding. The new W-4 just uses your filing status, and thus your standard deduction, to determine withholding based on how your income drives you through tax brackets. It's not easy to see, but you essentially get a base withholding amount based on this filing status and income. The W-4 doesn't sho -
Blog postThe IRS says it will begin accepting tax returns on January 27th. This is a little bit late, probably due to your Congressman changing the tax laws just before Christmas 2019!
People filing before January 27th can expect their refunds in about 6 to 21 days following the 27th, and later filers 6 to 21 days after their return is accepted (normally within 24 hours of filing if there are no issues.)
One exception are people claiming Earned Income Credit, Additional Child Ta -
Blog postState Guidelines for Military (2019 values)
I have a LOT more good information for you in The Short Cheap Tax Book for the Military.
The information here is subject to change as states update their information. I will update at least weekly until mid January, so please check back just before you file. The primary purpose of this is discussing the taxation of active duty pay, but I have mentioned retired pay for some states when I found the answer easily, but just b -
Blog postCongress slipped a significant number of tax law changes into their budget bills this December. Many of those extended the Trump/GOP tax law disaster provisions that were meant to only apply to a few years. Essentially, all Presidentially declared disasters since the older law was passed either follow the rules of the Trump Law, or have specific bills passed to cover them. There are also some nice new provisions tossed in as well. I will not differentiate which are new and which are just extensi
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Blog postWhen Congress passed the budget late in the year, they threw in some Easter Eggs for taxpayers. Most of the changes were pretty good for us, but there was one I didn't like...though it only applies if you inherit a retirement account. The act reinstated some tax benefits, affected disaster areas and made major changes to retirement accounts and education savings plans (529's).
This post is based on a very early reading of the act, so there may be some points or subtleties missed... -
Blog postYour house was foreclosed...
The exclusion of cancelled debt from a principal residence from income was reinstated for 2018.
You Paid Mortgage insurance...
The deduction was reinstated for 2018.
This includes FHA and VA funding fees.
You had education expenses...
The Tuition and fees deduction was reinstated for 2018.
This likely applies to very few people, but you should double check...
Titles By Kirk A Taylor EA
The Short Cheap Tax Book for the Military: A Ton of Things That Every Military Member Should Know and Do
May 13, 2018
by
Kirk Taylor
$2.99
Other Formats:
Paperback
The Short, Cheap Tax Book for Everyone: 50 plus things that everyone should know and do, but nobody does
Jan 18, 2017
by
Kirk Taylor
$2.99
Other Formats:
Paperback
