Delaying Payment of Old Tax Bills Is A Big Mistake

Jon Weaver Tax Information

You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere is a bit mind-boggling, but …

What’s Best for You – Traditional or Roth IRA?

Jon Weaver Tax Information

Article Highlights Traditional IRA Roth IRA Selecting the IRA Type for You Penalties Conversions Spousal IRAs Retirement Distributions The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type …

Checking Your Federal Refund Status Is Easy

Jon Weaver Tax Information

Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct …

IRS Guidance: PPP Loan Expenses Not Tax-Deductible

Jon Weaver Tax Information

On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of the CARES Act, a $2.2 trillion coronavirus relief bill. The program provides low-interest loans to small businesses that will be forgivable as long as the funds go are used for …

Not All PPP “Forgivable” Loans Will be Forgiving

Jon Weaver Tax Information

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed forgivable, the requirements for forgiveness …

Rebates Are Finally Flowing – Did You Get Yours; Was It Correct?

Jon Weaver Tax Information

Article Highlights: Economic Impact Payments What Rebates Are Based Upon Non-Filers Get My Payment Auto-Deposit and Addresses Family Makeup & Income IRS Q&A The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.”  However, not everyone who was expecting one has received theirs, and some may not be the amount expected.  The Treasury first looked …

Tax Breaks for Coronavirus:

Jon Weaver Tax Information

United States Small Business Administration (SBA) Paycheck Protection Program – Small and midsize employers (generally those with 500 or fewer employees), sole proprietors, independent contractors, self-employed individuals and gig workers are eligible for the Paycheck Protection Program. If eligible you can borrow two and a half times your average monthly payroll expense up to a maximum of ten million dollars. …

Tax Deadline Extended to July 15th

Jon Weaver Tax Information

Due to the Coronavirus the IRS moved the filing deadline for individual tax returns from April 15th to July 15th. To our clients that already dropped of tax documents, we will continue to work diligently to prepare your tax returns as quickly as possible and will keep you informed of the progress. We are experiencing very high volumes and our …

Coronavirus Update:

Jon Weaver Tax Information

Due to concerns over the Coronavirus, the IRS extended the deadline to pay individual income taxes related to the 2019 tax year by three months. Normally these taxes are due April 15th however this year the deadline has changed to July 15th. Please note that tax returns are still due on April 15th, so if you need more time to file …