Blog - ZipTax Redding

Advance Child Tax Credit Information

Wed, 28 Jul 2021 19:21:00 GMT

Here is a link with information on the Advance Child Tax Credit including how to enroll, unenroll and check your eligibility.

Advance Child Tax Credit Payments in 2021 | Internal Revenue Service (irs.gov)

What has been extended till May 17th?

Wed, 31 Mar 2021 20:46:00 GMT

On March 29th the IRS posted the new deadlines for the 2020 tax year. Here is a link that explains just what has and has not been extended.

IRS extends additional tax deadlines for individuals to May 17 | Internal Revenue Service

Tax Deadline Extended

Thu, 18 Mar 2021 17:06:00 GMT

IRS has extended the tax filing deadline to May 17th, 2021. Similar to the federal tax filing and payment deadline extension, California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021.

The extension does not apply to estimated tax payments due on April 15, 2021

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service

3rd round economic impact payments

Sat, 13 Mar 2021 17:04:00 GMT

The 3rd round of payments have already hitting bank accounts. Starting Monday you can visit the IRS website to track your payment. Here is a helpful link with more information.

https://www.irs.gov/newsroom/irs-begins-delivering-third-round-of-economic-impact-payments-to-americans

Where is my stimulus payment if I had my fees withheld from my refund?

Fri, 15 Jan 2021 19:26:00 GMT

This is the information provided by our banking partner. If you had your tax prep fees taken out of your refund and chose to do direct deposit your stimulus payment will delivered based on the schedule below. IF YOU DO NOT GET YOUR PAYMENT NOW AND ARE ELIGIBLE TO RECEIVE A STIMULUS PAYMENT YOU CAN APPLY TO RECEIVE IT WHEN YOU FILE YOUR 2020 TAX RETURN.

A message from Refund Advantage.

Economic impact payment deposits that were erroneously sent to closed refund transfer accounts were required to be returned to the IRS. The bank does not have these payments, and the IRS will be issuing these payments directly to the customer.

Stimulus payments will be processed by IRS and sent via your bank accounts or by check by February 1st based on the information you provided with your 2019 tax return.

Once payments are made by IRS, the Get My Payment tool on the IRS website will be updated to reflect the payment amount after February 1st.

Banks or tax preparers DO NOT have the funds – the US Treasury has the money and will be delivering it to taxpayers through the IRS process as stated above.

Recovery Rebate and Economic Stimulus Payments!

Mon, 04 Jan 2021 20:59:00 GMT

We have had many clients call with questions around the two IRS payments that went out this year. Here is a link to the IRS website and FAQs about the Recovery Rebate and Economic Stimulus.

UPDATE:

This is the newest information on the IRS website.

Economic Impact Payments on their way, visit IRS.gov instead of calling | Internal Revenue Service

IRS Stimulus Checks: What You Need To Know

Thu, 16 Apr 2020 22:28:00 GMT

Federal Response to the COVID-19 Crisis

The coronavirus outbreak is a crisis that has impacted almost every aspect of daily life. Many questions about our health, our investments, and our livelihoods have risen to the surface during this time of unprecedented uncertainty. Thankfully, the federal government has taken steps to ease the financial burden of many by providing stimulus checks directly to individuals. It’s important to understand the details of this stimulus package as well as what funding people in various financial positions should expect to receive.

Economic Impact Payments

The checks the government will be providing to individuals are formally called Economic Impact Payments . These payments will be distributed to most taxpayers, but also to most seniors and retired workers. Checks will be $1,200 for qualifying individuals and $2,400 for people who are married and file taxes jointly. The government is also providing an additional $500 per eligible child.

Who Is Eligible?

People who meet the following criteria in terms of gross annual income are eligible to receive the full payment amount:

Those who fall into the following income brackets can expect partial payments based on adjusted annual gross income:

For people who receive Social Security benefits or Railroad Retirement benefits, the payments will be distributed automatically. Recipients of disability and veteran benefits are also eligible, as well as those who make no income or who don’t make enough income to file taxes.

How Can You Receive Payments?

Many people will not need to take any action to receive payments. For those who filed taxes in 2019 or 2018, the funds will be issued either by mailed check or direct deposit. For those who already receive benefits from the government such as Social Security payments, the funds will be issued via whatever method is already being utilized. People who need to claim eligible children or who have other financial circumstances can use the tools on the IRS website . The IRS will also issue letters to individuals' current mailing address detailing how the payment was made and if there were any issues. Keep in mind that the IRS will not contact you asking for any personal or financial information, so be cautious about potential scammers who might try to use the payments as a reason to request personal information.

Experience Matters

Now, more than ever, experience matters. Staying informed and up to date on the Economic Impact Payments can help ensure you stay on top of your finances. Zip Tax is here to help you navigate these uncertain times, and to provide all the professional services you need.

Where is your stimulus payment? What if you don't file taxes?

Wed, 15 Apr 2020 17:49:00 GMT

The IRS has recently released two tools to help answer these questions. One tool is for individuals to check the status of their stimulus payment and exactly how and when to expect it. The other is a tool to help guide individuals that don’t file taxes as to how to apply for the stimulus payment or if they can expect the payment without having to provide any additional information. Below is the link to the IRS tools or visit WWW.IRS.GOV for more information.

https://www.irs.gov/coronavirus/economic-impact-payments