Better Late than Never…or Is It?

The IRS applies late penalties and interest on a case-by-case basis and will send a separate bill if penalties apply.  Because the IRS has the final word on penalties, I can't calculate the exact amount if your return is late, but I can supply some the info that will give you an idea of what to expect in certain scenarios.

Late filing penalties apply if you owe taxes and didn't file your return or extension by April 15, 2020.  In the case of interest, which is compounded daily, the late payment penalty is 0.5% of the additional tax owed amount for every month.  Interest starts accumulating on unpaid taxes one day after the due date of the return.

Maybe there is no good reason to file late (or at least properly apply for an extension).  Let’s find out together.  I am Las Vegas CPA and tax preparation professional Michael Mathews.  My office is located at the Lakes at 2620 Regatta Drive in the Northwest part of Vegas.  I serve the entire Valley.  Please call me at (702) 240 -5237.

St. Patrick's Day 2020 Who Was St. Patrick? Why Do We Celebrate St. Patrick's Day?

St. Patrick's Day 2020 Who Was St. Patrick? Why Do We Celebrate St. Patrick's Day?

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"Saint Patrick’s Day is on Tuesday, March 17, this year! Who was Saint Patrick? Why are shamrocks a symbol of this day? Enjoy St. Patrick’s Day history, legends, and lore."

New Rules.

Changes in tax and retirement law for 2020 will allow Americans to save more money this year than last.  According to Geltrude & Company Founder, Dan Geltrude, there is an opportunity to put money away tax deferred.  The Secure Act which became law at the start of this year, will help taxpayers use their tax savings to invest in their future retirement.

In addition, the IRS raised the cap on 401(k) contributions by $500 to $19,500.  People 50 and older can contribute an additional $6500 as part of their catch-up contributions. That’s also $500 more than last year. One incentive to save is that traditional pre-tax contributions to a 401(k) can reduce your adjusted gross income or taxable income.

Las Vegas CPA, Michael Mathews, wants you to know.  He is ready to help you prepare your IRS tax form before the mid-April deadline.  Make sure that this year everything is done 100% correctly by trusting Michael.  He can be found on the web at accountant-lasvegas.com.  Just give him a call and make an appointment at his Northwest Las Vegas location (702) 240 - 5237.