The Firm of Gardner & Billing, CPAs PLLC

If you missed the filing deadline and have not filed an extension, stop by our office as soon as possible to discuss the options and consequences.   IRS Tax Tip 2016-64, April 18, 2016 Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline: File and pay soon. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe. IRS Direct Pay is a free, secure and easy way to pay your balance due directly from your checking or savings account. We don’t charge a penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get your refund. Pay as much as you can. If you owe but can’t pay in full, you should pay as much as you can when you file your tax return. IRS electronic payment options are the quickest and easiest way to pay ...

Emancipation Day in the United States Emancipation Day is a holiday in Washington DC to mark the anniversary of the signing of the Compensated Emancipation Act, which president Abraham Lincoln signed on April 16, 1862. It is annually held on April 16.  What Do People Do? A wide range of events are arranged in Washington DC to mark Emancipation Day. These are spread throughout the month of April and include exhibitions, public discussions, presentations of historic documents, the laying of wreaths, concerts and poetry readings. The events aim to educate a broad spectrum of people about the history of the municipality of the District of Columbia in general and slavery in particular. Attention is also paid to the African origin of many slaves and racial issues in modern American society. Public Life April 16 is a legal holiday in Washington DC. Local government offices are closed and many public services do not operate. However, many stores and bus...

We have become aware of several of our "early rancher" filers who have received IRS correspondence assessing penalties for failure to pay estimated tax. DO NOT PAY OR IGNORE THIS CORRESPONDENCE.  If you meet the Qualified Farmer criteria, you are not required to pay estimated taxes and the penalties will be waived.  However, you must respond to the notice in order for the penalties to be abated.   You should always bring any official correspondence to the attention of your tax preparer BEFORE paying.  We are always available to review your correspondence and to respond on your behalf.   The information below is from the IRS website and discusses the Special Estimated Tax Rules for Qualified Farmers: Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. If you are not a qualified farmer as defined next, see Pub. 505 for the estimated tax rules that...

There are two ways you can take deductions: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable income. The Federal standard deduction amount varies depending on your income, age and filing status, and changes each year; see Topic 551 for more information. Table 20-1.Standard Deduction Chart for Most People* If your filing status is... Your standard deduction is: Single or Married filing separately $ 6,300 Married filing jointly or Qualifying widow(er) with dependent child 12,600 Head of household 9,250 *Don't use this chart if you were born before January 2, 1951, are blind, or if someone else can claim you (or your spouse if filing jointly) as a dependent. Use Table 20-2 or 20-3 instead. You should considering itemizing if your allowable itemized deductions are greater than your standard deductio...