Ascend Accounting & Business Solutions

Today's kicks off the seas on for 2021!

You can give in t he form of...
* cash (cash, check credit/deb it card --- ensure the credit/debit ca rd processes on or before 12/31/2021 to coun t). For 2021, the law now allo ws you to take up to a $6 00 deduction against income (if you're n ot itemizing on Schedule A) for ca sh contributions to qualified charitable organizations (general ly 501c3)

* make a qualified charitable distributi on directly from your IRA (excluding S EP & SIMPLE IRA) AND if y ou are 70 1/2 or older --- bonus here is a distribution fr om your IRA may also count towa rd your required minimum distribution for 2021

* noncash such as household items, e tc. --- donations valued $250 or mo re (per item or group of ite ms) must have a receipt AND descripti on of items received; if the val ue is $500 or more (per it em or group of items), you mu st attach Form 8283 for each donati on more than $500 (ex: Org A ge ts $550 & org B gets $6 00, need two Forms 8283); if t he value is $5000 or more (p er item or group) you must ha ve an appraisal.

Not sure if t he charitable organization you have in mi nd is qualified, try using the T ax Exempt Organization Search on IRS.gov at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search .

Whi le you're there, grab your latest paystub (s) for you (and spouse) and wa lk through the 5 question Tax Withholdi ng Calculator at https://apps.irs.gov/app/tax-withholding-estimator to see h ow you are tracking for filing on 4/15/20 22. There's at least 2 more paychec ks and an estimated tax payment d ue on 1/15/2022 available to correct wh at may not be favorable.

Happy & !

IRS on Twitter

Currently, there seems to be so me confusion about the tax deadline. It is o ur position that it is in yo ur best interest to file your retu rn or the extension by 4/15. Do n ot hold out till 7/15. Please l et us know if you we c an be of service. Practice safety a nd well being at all times n ot just in crisis.

https://twitter.com/IRSnews/status/1240669734028353538?s=19

IRS on Twitter “In response to , Treasury a nd allow most tax payments to be delay ed until July 15. You need to fi le a return or request a fili ng extension by April 15. No oth er filing is necessary for payment extensio ns. See free options at: https://t.co/hEEWmgHA9V”

The federal tax filing deadline a nd tax payments under $1 million h as been extended for 90 days. Befo re you take "advantage" of the 90 d ay filing reprieve let's be sure th at your state has also offered a fili ng extension. Currently, DC & MD ha ve 4/15 deadline while VA tax deadli ne is 5/1.

Life changes require a new W -4? Tired of increasing tax liabilities? T ry out the improved IRS calculator!
https://www.irs.gov/newsroom/improved-tax-withholding-estimator-helps-workers-target-the-refund-they-want-shows-how-to-fill-out-new-2020-w-4

As the school year begins, if you' re an eligible educator (K-12 teacher, instruct or, counselor, principal or aide for at lea st 900 hours a school year), y ou can deduct up to $250 of unreimburs ed qualified trade/business expenses such as profession al development, books, supplies, etc. Keep yo ur receipts!

VA sales tax holiday this weeke nd, 8/2-8/4.
MD sales tax holiday, 8/11-8/17.
https://www.taxadmin.org/2019-sales-tax-holiday

IRS Withholding Calculator | Internal Reven ue Service

Did you owe more in tax es in 2018 than expected? Maybe y ou received a significantly less refund. G et in front of unexpected tax situatio ns today with the withholding calculat or at https://www.irs.gov/individuals/irs-withholding-calculator. Let's discuss your resul ts and strategize to minimize potential t ax liabilities before it's too late!

IRS Withholding Calculator | Internal Reven ue Service Check your tax withholding with t he IRS Withholding Calculator, a tool th at helps ensure you have the rig ht amount of tax withheld from yo ur paycheck.

Tax Scams / Consumer Alerts | Intern al Revenue Service

Tax scams happen year round! T he 2 new ones involve SSN iss ue & a fake tax agency li ke Bureau of Tax enforcement. Visit f or more info & sign up f or alerts. Protect yourself & your person al information! https://t.co/uGaisWMGQv

Tax Scams / Consumer Alerts | Intern al Revenue Service The IRS urges taxpayers not to fa ll victim to tax scams. If it soun ds too good to be true, it probab ly is.

Simple Strategies To Help Anyone Impro ve Their Financial Literacy

There's always room for improvement! Here 's some to help you bett er manage your budget & reach yo ur goals.

Simple Strategies To Help Anyone Impro ve Their Financial Literacy Members of Forbes Finance Council off er tips for learning about and getti ng control over your personal finances.

Simple Strategies To Help Anyone Impro ve Their Financial Literacy

There's always room for improvement! Here 's some to help you bett er manage your budget & reach yo ur goals.

Simple Strategies To Help Anyone Impro ve Their Financial Literacy Members of Forbes Finance Council off er tips for learning about and getti ng control over your personal finances.

75 Years Ago, She Became t he First African American Female CPA

Honoring CPAs of color, especially Ma ry T. Washington, that paved the w ay. Thank you all!

75 Years Ago, She Became t he First African American Female CPA In 1939, when virtually no fir ms would hire African-Americans or females, l et alone an African-American female, she beg an her own firm in a baseme nt on the South Side of Chica go where she opened doors for futu re generations of African-American ...

About Form 1040 | Internal Reven ue Service

! Nothing says "out with t he old & in with the n ew" like the new Form 1040! T he TCJA changed many aspects for fili ng your 2018 . Be ready! Be inform ed! https://t.co/C6QIlmMX8v

About Form 1040 | Internal Reven ue Service Information about Form 1040, U.S. Individu al Income Tax Return, including recent updat es, related forms and instructions on h ow to file. Form 1040 is us ed by citizens or residents of t he United States to file an annu al income tax return.

Wishing you and yours the be st of the holiday season and a prospero us new year!

Happy Veterans Day! Thank you f or your service!

Get 2019 health coverage. Health Insuran ce Marketplace

Marketplace open enrollment starts this we ek; 11/1/18 - 12/15/18. Visit healthcare.gov to revi ew 2019 plan options.

Get 2019 health coverage. Health Insuran ce Marketplace Official site of Affordable Care A ct. Enroll now for 2019 coverage. S ee health coverage choices, ways to sa ve today, how law affects you.

Tax Relief in Disaster Situations | Intern al Revenue Service

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Tax Relief in Disaster Situations | Intern al Revenue Service Find information on the most rece nt tax relief provisions for taxpayers affect ed by disaster situations.

Search for and claim forgotten mon ey that may be due you fr om the official government agencies.

Do you want to know if y ou have unclaimed money/property, wages, life insuran ce, taxes, etc? Check the states y ou have lived in at https://www.unclaimed.org/. L et us know if anything turns up in yo ur favor!

Search for and claim forgotten mon ey that may be due you fr om the official government agencies. Common forms of unclaimed property inclu de savings and checking accounts, stocks, dividen ds, uncashed payroll checks, life insurance polici es & premium refunds, utility security deposi ts, mineral royalties, and contents of sa fe deposit boxes...

Unclaimed Money from the Government | USAG ov

Do you want to know if y ou have unclaimed money/property, wages, taxes, li fe insurance, etc? Check the states y ou have lived in at https://www.unclaimed.org/. Hap py Claiming! Let us know if anythi ng turns up in your favor!

Unclaimed Money from the Government | USAG ov Find unclaimed funds held by t he government that might be owed to y ou.

IR-2018-197: IRS to highlight tax refo rm changes affecting small businesses; Small busine ss owners, self-employed should plan now f or new changes

Small businesses need to plan f or new tax law changes effective 1/1/ 18

IR-2018-197: IRS to highlight tax refo rm changes affecting small businesses; Small busine ss owners, self-employed should plan now f or new changes IRS to highlight tax reform chang es affecting small businesses; Small business owne rs, self-employed should plan now for n ew changes

Ascend Acctg Biz Sol on Twitt er

https://twitter.com/Ascend_CPA/status/1049852175088869381?s=19

Ascend Acctg Biz Sol on Twitt er “Last day to file your tax es & register to vote in Virgin ia is 10/15/18! Check your registration stat us here: https://t.co/vYVzzlZnHV”

Ascend Acctg Biz Sol on Twitt er

https://twitter.com/Ascend_CPA/status/1046944003906834432?s=19

Ascend Acctg Biz Sol on Twitt er “1st day of last quarter of t he year, you may still have so me time to correct your withholding f or 2018! Do a and che ck that you have the right t ax withheld. https://t.co/5xCAB2Wb1E”

Looking forward to this event!

Taxpayer Bill of Rights | Intern al Revenue Service

Did you know taxpayers have righ ts when interacting with the IRS? Kn ow your taxpayer rights! https://www.irs.gov/taxpayer-bill-of-rights

Taxpayer Bill of Rights | Intern al Revenue Service Each and every taxpayer has a s et of fundamental rights they should be awa re of when dealing with the I RS. Explore your rights and our obligatio ns to protect them. The Right to Be InformedT he Right to Quality ServiceThe Right to P ay No More than the Correct Amou nt of TaxThe Right to Challenge t he IR...

Third quarter estimated tax payment d ue Sept. 17

Ascend Acctg Biz Sol on Twitt er

https://twitter.com/Ascend_CPA/status/1029408477528162304?s=19

Ascend Acctg Biz Sol on Twitt er “The Tax Cut & Jobs A ct enacted in December made some significa nt changes to the tax law th at may have an impact on high-income/compl ex tax returns. Call today, don't wa it til 4/15/19 to prepare!”

Get ready for your sales t ax holidays! VA is 8/3-8/5 (https://t.co/SUXgZiYDfZ) & MD is 8/12-8/ 18 (https://t.co/7hAq3suune)

Ascend Acctg Biz Sol on Twitt er

Ascend Acctg Biz Sol on Twitt er “Your initial contact with the I RS will never be via a pho ne call! They will not ask y ou to pay taxes on a gi ft card or apple iTunes card. Plea se beware of these scams!”

Ascend Acctg Biz Sol on Twitt er

What is this 20% deduction on pass-th ru income?

Ascend Acctg Biz Sol on Twitt er “Contact @Ascend_CPA today to understand h ow you can get a 20% deducti on on qualified business income from pass-th ru entities!”

The New IRS Form 1040 -- 5 Thin gs You Need to Know -- T he Motley Fool

The New IRS Form 1040 -- 5 Thin gs You Need to Know -- T he Motley Fool The IRS recently released a dra ft of its new Form 1040 th at every American taxpayer will use to fi le their 2018 tax returns early ne xt year. And as expected, the n ew form is significantly different than t he one it replaces. With that in mi nd, here are the five most importa nt takeaways from the newly...

News Alert: IRS to extend t ax deadline by one day after agency ’s Tax Day technology collapse

When It's Safe to Shred Yo ur Tax Records

Not sure when, what tax in fo to shred? Here's some good guidan ce from Kiplinger.

When It's Safe to Shred Yo ur Tax Records Many records are no longer need ed three years after filing your t ax return, but you may have to ke ep documents involving the purchase of a hou se or investments for years longer.

Happy Tax Season! Today kicks o ff the filing season of your 2017 tax es which are due on 4/18/2018! Remind er: If you claim the earned inco me tax credit (EITC) or the addition al child tax credit (ACTC) on yo ur tax return, the IRS must ho ld your refund until at least Februa ry 15 — even the portion n ot associated with EITC or ACTC. Aft er you file your return, the be st way to track your refund is Where 's My Refund at https://www.irs.gov/refunds.
@Ascend_CPA

Northern Virginia’s Children’s Science Center fin ds permanent home in Loudoun

Nice article on @Children's Science Center
https://www.washingtonpost.com/local/northern-virginias-childrens-science-center-finds-permanent-home-in-loudoun/2017/07/07/6b771eae-6318-11e7-8adc-fea80e32bf47_story.html?utm_term=.0e68b36347b1

Northern Virginia’s Children’s Science Center fin ds permanent home in Loudoun Fundraising is underway for a larg er space to house the hands-on education al museum.