Updated Tax Due Dates

Tax Return Due Dates for 2020

By | Taxes

Tax Return Due Dates:

Due to Covid-19 federal tax filing and payment deadlines from April 1, 2020, to July 14, 2020, were postponed to July 15, 2020. The postponements are automatic and apply to all taxpayers.

If you have not filed your returns yet, then please send us all of your tax documents and we will prepare the returns in order to meet the July 15th deadline. In order to insure we have enough time to prepare and process your returns please have all of your documentation to us by June 30, 2020. You can drop off your documents at our office, mail, email or upload everything to the portal. Instructions for using the portal are on our website, but please fee free to give us a call for assistance.

We will file extensions for all individual and business taxpayers who need additional time to file beyond the July 15 deadline. The extended due date will be October 15, 2020. Remember this extension is an extension to file and not an extension to pay the tax owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties. Once we have your documents we can assist in the preparation of the estimated tax.

This relief is also available to estimated quarterly tax payments. Any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 14, 2020, can wait until July 15 to make those payments, without penalty.

Summary Update on PPP Loan Forgiveness:

  • Current borrowers have the option to extend the 8-week period to 24 weeks after the loan proceeds are received or 12/31/2020 whichever is earlier;
  • The 75% payroll requirement is reduced to 60%;
  • Opportunity to avoid FTE or Salary/Wage reduction penalties if headcount or salary/wages are restored by December 31, 2010 instead of June 30, 2020.

Have Questions About Your Taxes?

Schedule a Consultation with LKP Group and we’ll ensure you get your questions answered and your needs addressed.

Know Your Options for Filing Your Taxes

Options For Filing Your Taxes

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LKP Group provides several options for you to submit your 2019 tax information:

#1) Electronic Organizers:

Electronic organizers have been uploaded to your secure portal at https://lkpgroupcpa.securefilepro.com/

You should have received an email informing you of the upload with a link to sign in. If you are having any issues logging into the site or have not received an email and would like to log in via the portal, please call (904-694-4272) or email us at info@lkpgroupcpa.com.

Once you log into your secure portal all you need to do is complete the Organizer, scan and upload all of your tax documents. We will receive notification that you have uploaded your information and we will begin to work on your return. 

Here is a link containing videos on how to download and/or upload your documents. http://tiny.cc/9xpyiz.

SecureFilePro (Electronic) is the most efficient way to get us your information as soon as possible. The earlier we receive your documents, the sooner your return will be completed as we get very busy as we get closer to the deadline.

#2) Paper Organizers:

Paper organizers are being mailed to clients that have indicated this as their preference. If you would like a paper organizer and have not received it by January 28th, 2020, please notify by calling (904-694-4272) or emailing us at info@lkpgroupcpa.com

Once you have all of your documentation together you can either email, mail, drop off or call and schedule an appointment to come in for your tax preparation.

Important Date:

In order to ensure we have adequate time to prepare your return accurately we, need to receive all the necessary information to complete your return no later than March 25, 2020. If we do not receive everything by this date, we will file a six-month extension on your behalf. Also, note that payment is due when your return is delivered.

Tips for Saving Money by Reducing Taxes on Your Investments

Tips for Saving Money By Reducing Taxes On Your Investments

By | Accounting-tips, Taxes | No Comments

Save Taxes on Your Investments for 2019

The following are ways you can reduce your 2019 Tax liability if you are currently holding any non-tax-advantageous retirement plans or investments

Balance gains and losses

If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. This is commonly referred to as “harvesting” losses.

If, however, you’ve sold investments at a loss this year, consider selling other investments in your portfolio that have appreciated, to the extent the gains will be absorbed by the losses. If you believe those appreciated investments have peaked in value, you’ll essentially lock in the peak value and avoid tax on your gains.

Review tax rates

At the federal level, investments held for more than one year (Long-Term capital gain) are taxed at lower rates than investments held for less than one year. The Tax Cuts and Jobs Act retained the 0%, 15% and 20% rates on long-term capital gains. But, through 2025, these rates have their own brackets, instead of aligning with various ordinary-income brackets. For example, for 2019, the thresholds for the top long-term gains rate are $434,551 for singles, $461,701 for heads of households and $488,851 for married couples.

Check the netting rules

Before selling investments, consider the netting rules for gains and losses. These are dependent on whether the gains are long-term or short-term. In determining your net gain or loss, long-term capital losses offset long-term capital gains before they offset short-term capital gains. Similarly, short-term capital losses offset short-term capital gains before they offset long-term capital gains. You may use up to $3,000 of total capital losses in excess of total capital gains as a deduction against ordinary income in computing your adjusted gross income. Any remaining net losses are carried forward to future years.

Consider everything

Keep in mind that tax considerations alone shouldn’t drive your investment decisions. Also consider factors such as your risk tolerance, investment goals and the long-term potential of the investment. We can help you determine what makes sense for you.

To begin planning for your taxes, schedule a time with LKP Group by clicking the link below.

Schedule an Appointment »
Tax Planning Tips for Individuals

Tax Planning Tips For Individuals

By | Accounting-tips, Taxes | No Comments

In 2019, most of the provisions of the massive Tax Cuts and Jobs Act (TCJA) went into effect. They included small income tax rate reductions for most individual tax brackets and a substantial reduction for corporations. 

However TCJA also eliminated or limited many tax breaks, and much of the tax relief provided is only temporary. This makes tax planning is just as important as ever.

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