KB Bookkeeping & Taxes

03/19/2021

Well, it happened again. The IRS has officially announced that the tax deadline for this year is now May 17th.

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/18/2021

Yesterday was the official drop date for the most recent stimulus. This included $1,400 per person, including dependents under 17, and qualified dependents up to 23. With all taxpayers receiving the full $1,400 for all qualified dependents.

03/12/2021

As of yesterday President Biden signed the bill into place that will set the third stimulus in motion. Along with many other things. This post does a great job of explaining who qualifies for the stimulus and how much they should expect. More information about the other aspects of this bill will be posted at a later date.

President Biden signed a $1.9 trillion stimulus package authorizing a third round of stimulus checks. Here's what you need to know about the third stimulus check you'll be getting soon (if you qualify).

02/28/2021

Have you filled your 2020 taxes yet? Returns are already hitting bank accounts for those who chose direct deposit. If you have any questions feel free to contact us!

02/11/2021

If you have any questions, please contact us!

Heard about a new rule that lets you apply 2019 income to your 2020 taxes? Find out what’s myth vs. reality for this recent change from H&R Block.

02/03/2021

https://www.wesh.com/article/stimulus-checks-won-t-be-taxed-but-unemployment-benefits-will-be/35347700

The federal government has sent billions of dollars directly to Americans to help them cope with the economic fallout of the pandemic, but now that tax season is approaching, some people could find they owe some of the money back.

01/25/2021

With the rise in popularity of cryptocurrency and virtual currency in general, we thought it was a good idea to provide some information on claiming these types of currency on your federal tax return. According to the IRS, virtual currency is any digital representation of currency other than a US Dollar or a foreign currency. If you have bought, sold, traded, or received any virtual currency or cryptocurrency is one of the first questions asked when filling out your federal taxes because this currency can be taxable. This article on the IRS’s website does a great job of answering any questions you might have on how these types of currency are taxed and how you should claim them. If you have any questions about this or anything else, don’t hesitate to send us a message.

Frequently asked questions and answers about Virtual Currency transactions.

01/22/2021

If you did not receive both stimulus payments or did not receive the entire amount you're entitled to, there is a way for you to get the amount owed to you. To receive this, you will have to file a 2020 tax return, and then you will get a rebate relief credit. This will result in either a larger return or less tax owed, depending on your situation. You are eligible for this credit so long as in 2020 you are a US citizen or legal alien, not eligible to be claimed as a dependent, and have a valid social security number for employment. If you have any questions about any of this, don't hesitate to reach out!

01/20/2021

As of January 15 the IRS has delayed when it will begin accepting 2020 tax returns. You can still file as soon as you have everything you need, and you still should. The returns just will not be transmitted to the IRS until February 12. The following article from the IRS website does a great job of completely explaining what is going in, and why the IRS made this delay. The deadline for filing has not been delayed and is still April 15. If you have any questions, feel free to message us!

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

01/14/2021

If you have yet to receive your Economic Impact Payment (stimulus) you may be eligible to claim a Recovery Rebate Credit when you file your taxes. You may be eligible for this credit if you should have received stimulus but did not, or if you did not receive the entire amount you should have. This only applies to the first stimulus that was sent out in 2020 for $1,200 per person ($2,400 if married filing jointly) plus $500 per qualifying child. If you have any questions feel free to send a message!

01/09/2021

Be sure to contact us once you receive your W-2's so that we can get your return filed as soon as possible. It is expected that returns may take slightly longer this year because of last year's 3-month deadline extension.

Send a message to learn more

01/06/2021

Even though we are located in Florida, we have the ability to do state tax returns for all 50 states. Please feel free to contact us for all of your tax needs.