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Tag: Taxes

Financial Tips

Posted on by djbechard

Create a vacation savings account.  Rename a savings account to the location of your vacation destination. Set up a recurring deposit into that account either from your paycheck or checking account.

Take advantage of your retirement contribution match. Don’t leave free money on the table. Some employers will deposit into your 401(k)-retirement account based on the amount you put in yourself. This is a great way to increase your retirement savings. Find out your employer’s match and start maximizing your earnings.  If you are self-employed and need to find your own retirement plan, reach out to your financial institution and ask about their individual retirement account (IRA) options.

Take $5 to treat yourself when your taxes are filed. One aspect of positive money management is to bring joy and celebrate. Reward yourself for financial discipline!

File your taxes early – Three benefits from filing early:

  1. Receive your return faster.
  2. Allow more time to make your refund work for you.
  3. If you owe money in taxes, you’ll have more time to plan and prepare your payment.

For more information on how to get ready to file taxes, visit the Get Ready page of IRS.gov at https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

By: Brenda Langdon

Filing Your 2021 Taxes

Posted on by djbechard

If you received an Economic Impact Payment in spring 2021 you will need to have your letter from the IRS saying how much money you received, before you can file your taxes.

If you have children and received the child tax credit payment from July to December 2021, you will get a letter in the mail that you will also need in order to file your taxes.

 

If you don’t have your letters when you file your taxes you can expect delays.

 

If you are receiving a tax refund, this is a great opportunity to get ahead financially either by paying down debt or saving for the future.

By: Brenda Langdon

Tax Deadline Changes

Posted on by mjsaxton@ksu.edu

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

This continues to be a tough time for many people and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic.  Even with the new deadline, taxpayers are urged to consider filing as soon as possible, especially those who are owed refunds.

Filing electronically with direct deposit is the quickest way to get refunds and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.

By: Brenda Langdon

 

Economic Impact Payments

Posted on by mjsaxton@ksu.edu

Some people are starting to see the next round of the Economic Impact Payment in their bank account, if the IRS has your banking information from filing your tax return.  The IRS had started sending out payments as early as March 12.

In general, most eligible people with get $1,400 for themselves (those filing joint returns will get $2,800) and $1,400 for each of their qualifying dependents claimed on their tax return including college students, adults with disabilities, parents and grandparents.  If you would like to check on your payment you can go to www.irs.gov/coronavirus/get-my-payment .

If you did not get your first or second payment in 2020 and you feel that you are eligible for that, at this point you will need to file a 2020 tax return, even if you aren’t required to file due to your income limit.

If the IRS does not have your bank account information or has old bank account information, your payment will be sent back to them and they will either issue a paper check to you or a debit card (EIP card) that will get mailed to your most recent address. The debit card will be sent by U.S. Mail in a white envelope with the U.S. Department of the Treasury seal and a return address from “Economic Impact Payment Card”.  If you received your payment last year on a card, it will not be loaded onto that card, a new card will be mailed to you.

By: Brenda Langdon