The IRS has gotten quite good at processing tax returns and issuing refunds quickly and efficiently. The IRS website says that the normal processing time for an electronically filed return is 21 days, but in reality, millions of taxpayers receive their refunds even quicker — sometimes within a week, sometimes in days. Similar to past…

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New York lawmakers stole the spotlight this week as they were able to agree on — and convince reluctant Gov. Andrew Cuomo to support — strong progressive tax increases on the highest-income households and corporations in the state to fund shared priorities like K-12 education and pandemic recovery efforts. Several other States including Minnesota are proposing…

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ESTIMATED TAX PAYMENTS FOR THE SELF-EMPLOYED: The Internal Revenue Service is reminding self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021. The extension to May 17, 2021 for individuals to file their 2020 federal income taxes…

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DETERMINING LAND VALUE TO CORRECTLY DEPRECIATE YOUR REAL ESTATE PROPERTY. My colleague, Seth Williams from RE Tipster, and a legend in Real Estate investing and related information to keep you on solid ground, is perhaps the best guy to take you step-by-step through the process of determining the land value of the Real Estate you…

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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing…

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The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time. I understand folks are anxious and in a rush to get needed monies the new American Rescue Plan Act of 2021 provides. However, the IRS is NOT prepared for these [mid-tax season] tax…

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The IRS advises: The IRS advises how you may obtain a copy of your prior year(s) tax return. And, remember an experienced Tax Pro can always make this process even easier when you need it most: Michael A. Cook LLC. Here’s How you can Get a Copy of Your Previous Tax Return? This is the…

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Special Alert The House and Senate have just passed the American Rescue Plan Act (ARP) and shortly the president is expected to sign it into law. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. 2020 tax-free unemployment benefits Initially the bill didn’t include retroactive tax provisions, but during the…

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