What If You Already Owe Income Tax?

Wasson and ThornhillIncome Taxes

no taxes without representation

Photo by Donovan Reeves on Unsplash. What if you already owe a prior year (or more) of income tax, regardless whether you expect to owe for 2020? What should you do and not do? What if you owe 2020 income taxes even though the IRS is not taxing $10,200 of unemployment income that year? That was our topic last week. … Read More

IRS Postpones Tax Deadline to July 15

Wasson and ThornhillIncome Taxes

The IRS just postponed the April 15 deadline BOTH to file your income tax return and to pay the taxes, for individuals AND businesses.     IRS Income Tax Return Deadline Postponed Responding to the COVID-19 pandemic, the IRS has postponed the deadline to file federal income tax returns by 3 months. This was announced (on Twitter, no less!) on … Read More