The Firm of Gardner & Billing, CPAs PLLC

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 apply. Qualified

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

Wishing each of you hefty tax refunds to weigh down those pockets this Paddy's Day! 

Check the status of your Montana refund with Taxpayer Access Point . Select Where's My Refund under the Individual section. Checking the status of your return does not require a TAP account. Where's My Refund Frequently Asked Questions How long will it take to receive my refund? You will usually have your refund or hear from the department within 2 weeks if you filed electronically or within 8 weeks if you filed on paper. We are taking extra care to ensure the returns we receive are valid because of an increasing number of identity thefts. TAP will show you the status of your return and refund. The status of your refund depends on where your return is in the process. How soon after filing can I check the status of my refund? Wait at least • 1 week if you filed electronically • 6 weeks if you filed a paper return What can slow down my refund? Your refund could seem slow or be delayed because: • You filed your return during busy processing time such as late March and Ap

It's always a big push to meet the Early Rancher filing deadline by March 1st and now without taking a breath, we're pushing onward to the March 15th Corporation filing deadline!   All calendar year 1120 and 1120S Corporations are due to be filed by 3/15.  Make sure we have received the all the information necessary to complete your corporate tax returns!