Asset Planning, Inc Blog

The latest from the team.

New Tax Deadlines

In an effort to help you understand the ever-changing tax deadlines, we went to the source (IRS, CA FTB) to get the details. The following is a summary of the new deadlines that we thought you should know about:

The IRS extended the tax filing deadlines for your 2019 taxes from April 15 to July 15, 2020. The IRS also clarified other details that we thought were important:

  1. You also have until July 15 to contribute to an IRA account and have it posted to the 2019 tax year.
  2. For those of you that pay estimated taxes, the IRS stated that the first-quarter 2020 estimated tax payment that would have been due on April 15 is now delayed to July 15. BUT the second 2020 estimated tax installment is still due June 15, 2020 This makes the second payment due before the first payment! Hopefully America is back up and running so this does not become an issue but, if not, we expect the IRS to issue another statement regarding the due dates.
  3. The IRS also clarified that taxpayers “do not have to be sick, or quarantined, or have any other impact from COVID-19” to qualify for the new deadlines.
  4. California is following the IRS filing guidelines.
  5. Note, if you think you will receive a refund, go ahead and file as soon as possible.

California Property tax is still due on April 10, 2020. This is paid to the county that you live in. The state of California is encouraging the counties to waive penalties for late payments. The county tax collectors have the authority to waive penalties resulting from a late payment due to “reasonable cause and circumstances beyond the taxpayer’s control. Relief under this rule is discretionary and will be evaluated on a case-by-case basis. Taxpayers unable to pay by April 10 will need to request relief and demonstrate to the tax collector that the inability to make a timely payment was due to the COVID-19 pandemic. For example, the Los Angeles County Tax Collector has set up a special team to process penalty relief requests, and has advised impacted taxpayers to submit a request for penalty relief online, beginning on April 11.

In Orange County, Shari Freidenrich, the county treasurer-tax collector released the following statement “For taxpayers that do not make payment of property taxes due to COVID-19 by April 10, we expect them to submit a Penalty Cancellation Request Form and documentation to support the cancellation of penalties as allowed in limited circumstances under current state law.”

As soon as the stimulus bill is finally approved, we will post a summary of the final package. This will include the payroll tax, unemployment, small business loans and stimulus check guidelines.

Stay safe, sane and healthy!

Continue reading
  409 Hits
409 Hits

IRA Contributions

While we are deep in the midst of tax season, we thought it was a good idea to remind our clients to get in their 2018 IRA contributions. If you are planning on dropping off a check to us the deadline to get them in is Wednesday, April 10th. This will ensure that your contribution is made before the April 15th tax deadline.

2018 contribution limits are $5,500 or $6,500 if you are over the age of 50

Also, now is as good a time as any to get in your 2019 contributions especially because the limits have been increased. The sooner you get these in the longer they have to grow in your IRA which means more retirement funds for you!

2019 contribution limits are $6,000 or $7,000 if you are 50 years of age or older

When it comes to non-deductible IRA contributions please be sure that you are keeping a record of these contributions by completing tax form 8606 for each year you make a non-deductible contribution. We have run into a few cases where no record is kept, and our clients are left scrambling to find that information when it is time to take distributions from their IRAs. This information will be needed to figure out what amount of your distributions will be counted as taxable income to you, so it is very important.

If you have any questions, please don't hesitate to call us.

Continue reading
  562 Hits
562 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
Social Security phone companies opt-out car loans Medicare plan January 10 Erin Nelsen https ://seekingalpha toilet paper 23 andme Supplemental Security Income February 14 IRS deadline June 29 email notifications stimulus package July weekend FEMA website CFP ® Social Security Administration memorial Day weekend April 15 Labor Day California Lions Friends CA FTB home break-ins birth certificates drive /usb 70 1/2. student loans earthquake app people medications privacy settings cell phone service provider vision screening insurance policies integral member trust privacy notices Economic Security IRS September 9 disaster areas information Facebook relief efforts app April 18 2017. donation counts Part D premiums . client portal D premiums Medicare fun facts CARES Act portal offering insurance Mobile Banking Security Tips prescription eyeglasses Victor Dergunov EEChecklist-Kits.pdf stockpilingchecklist.pdf home September 30 2020. Affordable Care Act “ skimmer ”. Kraig Mathias flash drive vacation stock pile Financial Planning Magazine market turmoil home mortgages Brexit vote web address identity theft phishing sites credit card fraud Medicare Advantage executive order borrowing money estate payments July 3 rd company blog post COVID -19 virus TD Ameritrade pet donation drive emergency kits hurricane Dorian investment statements breach fun atmosphere records credit score increase house sitter self-help topics Open Enrollment CERTIFIED FINANCIAL PLANNER exam chip-enabled EMV cards Medicare Part B premiums pet supplies debt tax filing deadlines spam phone estate planning Wells Fargo customers credit card company Medicare Part B notary services holidays approach retirement accounts illiegal robocallers donation items Shred paperwork phishing scams president Trump April 11 scams official certification July 6 tax returns trustee paper records Open House Independence Day non-prescripstion sunglasses bottom line credit cards contribution limit coronavirus pets Charles Schwab July 4 VOIP landline phones documents Kiplinger Letter Asset Planning IRA accounts check lists card reader clone counterfeits clients interest Roth IRA retirement plans Medicare question phone 401K driver license Puerto Rico health care costs parking spots policy Facebook profile Coronavirus Aid family members insurance policy media accounts banking 2017 IRA contributions ice cream event 2017 Equifax breach Orange County emergency folder 4 pm -8pm markets Notary Public ice cream settlement options summer September 8 tax season pet operations manager ID card pet industry wells Fargo clients show support 2017 TD Ameritrade National LINC Conference DNA test kits team members credit freeze National Ice Cream month years water … tax deadline Healthcare home security 2018 IRA contributions home emergency preparedness kits news coverage estate planning direction earnings fallout Flexible Spending Account identity thieves spread consumer spending cell phones retirement planning Joey Gonzales Federal Trade Commission website spring cleaning partner /owner health care services rescue organizations cell phone carriers offer information asset Planning paperwork clutter Treasury Department Expired medications home emergency kit gap insurance tax records jury duty text messages Legal robocalls Amazon cell phone SIM swap scam interest rates money Part B cell phone provider Ice Cream Social October 1 2020. retirement account numbers FSA Two-Step Verification padlock Wells Fargo employees credit monitoring service https :// 20 year anniversary assets 900 number checklists life saver Orange County Superior Court Auto insurance Retirement Contribution Limits tax deadlines emergency kit fees cell phone carriers items business hours Fox News story