Scott Alving

In my previous blog, I talked about taxpayers who haven’t filed in a several years. Now you are ready to file only to find out that you have misplaced some of those tax documents, you can’t remember when the last time you filed last, or maybe you can’t locate the previous tax returns that you did file! Well, there is a solution to all that and more. Transcripts!!

I can log into the IRS databases, with a signed power of attorney and pull all that information for you. I can see what the IRS see’s and along with all the tax documents that were filed, when you filed last, any penalties and interest, refunds, taxes owed, assessments, upcoming audits and much, much more.

With these transcripts, I can help recreate the tax returns that need to be filed, see if you could qualify for penalty abatement and see what the best course of action will be going forward.

Upcoming Due Dates:

June 15th

• Second quarter estimated tax payment due.

Sept 15th

• Partnerships and S-Corps that were put on extension are now due.
• Third quarter estimated tax payment is due.

Oct 1st

• Estates/trusts that filed an extension are due.

Oct 15th

• Individual tax returns (Form 1040) are due for taxpayers who filed an extension.
• C-Corporation tax return is due for C-Corporations that filed an extension.

Ancient taxes from around the world

In Ancient Rome, it was not uncommon for slave owners to free their slaves after a certain number of years of work and/or the payment of a certain fee. Slaves could pay that fee because they had the opportunity to work in several places, and thus could earn the money used to obtain their freedom. The Roman government required the newly free slave to pay a tax on his/her freedom.

Something to ponder: If you are subjugated and separated from you family, forced to work, and possibly physically harmed (beaten/whipped), would you want to pay a tax??

I don’t have to file a tax return this year!  Sweet!!

My tax preparer said I don’t need to file a tax return this year, so why should I?  Some people don’t need to file because their income is lower than their standard deduction, but here are a few reasons why you should file for the current year.

1. Federal Income Tax Withheld: You should file to get money back if your employer withheld federal income tax from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
2. Earned Income Tax Credit: You may qualify for EITC if you worked but did not earn a lot of money. EITC is a refundable tax credit, which means you could qualify for a tax refund. To get the credit, you must file a return and claim it.
3. Additional Child Tax Credit: This refundable credit may be available if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
4. American Opportunity Credit: Students in their first four years of postsecondary education may qualify for as much as $2,500 through this credit. Forty percent (40%) of the credit is refundable so even those who owe no tax can get up to $1,000 of the credit as cash back for each eligible student.
5. Adoption Credit: You may be able to claim a refundable tax credit for qualified expenses you paid to adopt an eligible child.
6. Stimulus payment/ Economic Stimulus Payment (EIP): If you didn’t receive any or some of the 3 stimulus payments in 2020 and 2021, your maybe eligible if you file a tax return and you will get the stimulus money as a nontaxable tax refund.

Upcoming Due Dates:

June 15th

• Second quarter estimated tax payment due.

Sept 15th

• Partnerships and S-Corps that were put on extension are now due.
• Third quarter estimated tax payment is due.

Oct 1st

• Estates/trusts that filed an extension are due.

Oct 15th

• Individual tax returns (Form 1040) are due for taxpayers who filed an extension.
• C-Corporation tax return is due for C-Corporations that filed an extension.

Ancient taxes from around the world

Pecunia non olet is a Latin saying for “Money Doesn’t Stink!”. During the 1^st Century AD, Roman Emperor Vespasian placed a tax on urine!! The buyer of the urine paid the tax. The urine from the public urinals was sold as an essential ingredient for several chemical processes. It was used in leather tanning, wool production and by launderers as a source of ammonia to clean and whiten woolen togas.

I have a question for you! Who has not filed their taxes in a few years?

If you are thinking “ME!”, keep reading, because here are some reasons to file:

• If you need a bank loan, the bank will want to see previous year’s tax returns.
• If you have a refund due, you only have so much time to claim it on your tax return.
• You face steep penalties for not filing, up to 25% of what is owed!!
• It causes unwanted stress in your life.
• The IRS is using more technology than ever to track down taxpayers who have not filed taxes.

What do I do? Well, call me and I can file the unfiled tax returns. Some of the things we will look at are how many years need to be filed, filing married or separately, do state returns need to be filed and what happens after we file the returns.

Upcoming Important Due Dates:

June 15th

• Second quarter estimated tax payment due.

Sept 15th

• Partnerships and S-Corps that were put on extension are now due.
• Third quarter estimated tax payment is due.

Oct 1st

• Estates/trusts that filed an extension are due.

Oct 15th

• Individual tax returns (Form 1040) are due for taxpayers who filed an extension.

Hi Everyone,

Here is my first blog post with many more to come.

Did you know that there are more than 10 million taxpayers who have not filed their previous year’s tax returns in over a year?! That is right, some taxpayers have not filed their 2019 tax returns and previous years before that. We in the tax industry call them “non-filers”. The IRS is now using Artificial intelligence (AI) to find these “non-filers” and have them file the missing returns from prior years.

Why would you care about filing on time when you have a refund? Because you have the later of 3 years from the due date of the tax return to file and get your refund or you have 2 years from the date the tax was paid. If you wait past these dates, you lose your refund to the IRS.

If you have not filed in a few years, I can help you file all the past year tax returns and if you don’t have all your original tax documentation, I have ways to get copies of the tax forms.

Upcoming Due Dates:
03/15/21 – Last day for S-Corps, partnerships, multi member LLC’s to file business tax return.
04/15/21 – Last day to file C-Corp tax return or file for a 6-month extension.
04/15/21 – First quarter estimated taxes for 2021 due.
04/15/21 – Calendar year estate/trust tax returns due (15th day of fourth month for fiscal year).
05/17/21 – NEW DATE -Individual tax returns due and last day to file for a 6-month extension.
06/15/21 – Second quarter estimated tax payment due.