Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Taxes

30 June 2020

IRS Provides Additional 2020 RMD Rollover Relief

The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed until March 27, 2020 and after many individuals had already taken their RMD for 2020. Some of these retirees would not have taken the distributions if they would have known about the waiver.

David M Robson

Taxes

25 June 2020

Watch Out: The Treasury is Sending Some Stimulus Payments by Debit Card

The government has begun sending out its stimulus payments on debit cards mailed in plain white envelopes, which some people have discarded, thinking it was junk mail. Learn more.

David M Robson

Taxes

25 June 2020

Don’t Throw Away That Notice 1444

The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve probably already received this document too. This notice was issued from The White House and looks more like a letter than a traditional IRS notice, but the notice number is in the upper right of the heading, just below the date.

David M Robson

Taxes

23 June 2020

The July 15th Deadline Is Fast Approaching, and It Isn't Just for the 2019 Individual Tax Return

Due to the COVID-19 emergency, the IRS provided taxpayers with an automatic three-month extension to July 15 to file their 2019 tax returns and pay the 2019 tax, among other tax actions normally due on April 15. So, with July 15th fast approaching, it is important to understand that the day is more than just the deadline for filing your 2019 tax return. It is also the deadline for other things tax. Here is a rundown.

David M Robson

Taxes

22 June 2020

What You Need to Know About the People First Initiative

The IRS introduced the People First Initiative in March to help relieve some of the financial impact of COVID-19 on taxpayers.

David M Robson

Taxes

19 June 2020

Post-Pandemic Trends Shifting the Economy for Small Businesses Everywhere

The economy looks very different as a result of COVID-19, and these major trends will push small businesses to pivot toward digital in the new “normal.”

David M Robson

Taxes

18 June 2020

Unique IRA Opportunities for 2020

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look at these prospective tax strategies to see if they might apply to you.

David M Robson

Taxes

16 June 2020

A Novel Way to Make COVID-19 Relief Donations

On March 13, 2020 the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As a result, and as was done in the past in the wake of major disasters, including Hurricanes Katrina, Sandy, Harvey and Maria, the IRS is providing special relief that allows employees to donate their unused paid vacation, sick leave, and personal leave time to COVID-19 relief efforts.

David M Robson

Taxes

13 June 2020

July 2020 Individual Due Dates

Here are the July 2020 Individual Due Dates

David M Robson

Taxes

12 June 2020

July 2020 Business Due Dates

Here are the July 2020 Business Due Dates

David M Robson

Taxes

11 June 2020

Did You Overlook Something on a Prior Tax Return?

It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed.

David M Robson

Taxes

09 June 2020

The IRS Is Issuing Some Stimulus Payments by Debit Card; Some Are Being Mistaken as Junk Mail and Thrown Out

If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those envelopes from unknown senders, at least until you have received your stimulus payment.

David M Robson

Taxes

04 June 2020

Here’s What Could Happen If You Try to Short-Change the IRS

Some refer to it as “creative accounting” or just “a little fudging here and there,” but if your tax return is missing some income that should have been reported or includes overstated deductions, regardless of whether you prepared your own return or had it prepared, you are the one who is ultimately responsible. If you get caught, there can be very unpleasant consequences – including substantial monetary penalties and the possibility of jail time for blatant cases.

David M Robson

Taxes

02 June 2020

Does Your Business Qualify for the Research Tax Credit?

For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called the Credit for Increasing Research Activities—had to be reauthorized by Congress yearly, but as part of the 2015 PATH Act, this credit was made permanent.

David M Robson

Taxes

28 May 2020

IRS and Treasury Release the Latest State-By-State Economic Impact Payment Figures

The Treasury Department and IRS released updated state-by-state figures for Economic Impact Payments (EIPs) on May 22, 2020.

David M Robson

Taxes

26 May 2020

Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty

There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status.

David M Robson

Taxes

21 May 2020

Tax Effects of a Business Making a Charitable Contribution

Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution made to a charitable organization.

David M Robson

Taxes

21 May 2020

Take Advantage of These Tax Changes to Amend the Previous Year's Tax Return

Did you know that Congress made a number of changes retroactive to the 2018 tax year that can result in a tax refund for you?

David M Robson

Taxes

20 May 2020

Tips to Keep Your Business Afloat During COVID-19

How can you ensure your business survives the COVID-19 crisis on the economic side? It starts with considering what has happened and what steps you must take to bounce back.

David M Robson

Taxes

19 May 2020

Big Tax Break for Adoptive Parents

If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age of 18 or a person who is physically or mentally incapable of self-care.

David M Robson

Taxes

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