PWE Accounting

05/13/2021

May 17th is quickly approaching...

Tax returns and if you owe any money to the IRS for 2020 returns are both due in 4 days

Plan accordingly :)

04/19/2021

Don't forget...

The amounts you paid for personal protective equipment is eligible to be paid or reimbursed under health FSAs and other health savings accounts. PPE includes face masks, hand sanitizer and sanitizing wipes. Check out more details from the IRS at go.usa.gov/xsuw7

04/15/2021

One more month until the individual tax returns deadline!! And if you owe money to the IRS make sure to send a check out by May 17th as they are also due the same day :)

04/12/2021

Didn't file in 2017 tax return yet??

-There is $1.3 billion for the country and almost
$90 million in UNCLAIMED refunds for Florida.

-You have until May 17, 2021 to file your 2017
return.

IR-2021-75, April 5, 2021 — Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.

04/05/2021

Deadlines for: IRA contributions, HSA's, estimated tax payments and more

WASHINGTON – The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.

04/02/2021

Updated RMD (required minimum distribution) info for 2021

IR-2021-57, March 16, 2021 — The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.

04/01/2021

03/30/2021

If you are able to calculate how much you have spent on COVID related purchases, remember to enter it on your tax return. These purchases are deductible medical equipment :)

IR-2021-66, March 26, 2021 — The Internal Revenue Service issued Announcement 2021-7 today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expen...

03/26/2021

The third round of Economic Impact Payments are being sent in phases- don't worry if you haven't gotten yours yet!

Payments are being processed each week to count for 2020 returns being sent in. Payments will be received by mail in check or a debit card OR a direct deposit

03/25/2021

Those eligible for the first 2 stimulus checks but did not receive it in 2020 will be given a Recovery Rebate Credit on 2020 tax return.

A perfect example of this is someone who was claimed as a dependent in 2019 and did not receive any stimulus last year. They may receive the full amount given out from both prior stimulus rounds.

03/24/2021

Received unemployment in 2020??
- The first $10,200 are now tax free

*If you have already filed and received unemployment last year the IRS is saying to hold off on filing an amended return as of now*

The IRS plans to automatically process refunds for people who paid taxes on unemployment income before the American Rescue Plan made a portion tax-free.

03/23/2021

In case you missed it, Tax Day for individuals has been extended to May 17