Joshua Zirilli, CPA

The IRS has started to direct deposit stimulus payments. Use the below link to check the status of your payment.
https://www.irs.gov/coronavirus/get-my-payment?fbclid=IwAR0V9kvr85x7whUfhNFBCCMgbDciN0dKcQzPTK2SfctDFUxvQmppMJCIFRI

The IRS has extended the 2020 tax deadline to July 15th. This is an extension to pay any federal taxes owed with no penalties or interest. Keep in mind that while the filing deadline wasn’t extended, you can also file an extension which moves the filing deadline to October 15th.

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Check us out on the Making Your Money Matter podcast!
https://podcasts.apple.com/us/podcast/making-your-money-matter/id1494358784#episodeGuid=7bb00ce3-c84c-4e0a-9684-73b02ce8e788

This shows the importance of having a good CPA on your team: https://www.businessinsider.com/amazon-not-paying-taxes-trump-bezos-2018-4?utm_medium=social&utm_campaign=sf-bi-finance&utm_source=facebook.com&fbclid=IwAR0NCcTL6r1AroFAuLGVyjxcr0tDAgfwMMJ99hIjLhIAT0UA71MSGmXd000

Not all income is the same in the eyes of the IRS. You can make up to $100,000 in 2019 and pay no federal income taxes.

https://www.marketwatch.com/story/heres-the-formula-for-paying-no-federal-income-taxes-on-100000-a-year-2019-11-22?siteid=yhoof2&yptr=yahoo&fbclid=IwAR3zHxhcGvAuYHR3UOzBWTtYcg...

If you are a small business owner, you may qualify for the home office deduction. The "home office" must be exclusive and used on a regular basis. If you are just hearing about this now, give my office a call at 609-467-4111 to discuss the many tax planning options available to you.

Do you know how much "free money" the IRS allows you to make under the new tax law? Here's an example for a married couple with one child:


Married filing joint - standard deduction 24,000
Child tax credit (2,000) - 10% bracket 19,050
Child tax credit (2,000) - 12% bracket 792

Total "free money...