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
  223 Hits
223 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
  397 Hits
397 Hits

Search Blogs Module

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