While the specifics of the Corona Virus relief package are being completed there is every possibility your eligibility will be based on your previous tax returns. People who have not filed tax returns in a few years may not be eligible for any immediate monetary relief or any future relief based on past filings. What…
Preparing taxes is an evolving task with laws changing and certain things applying in some states but not in others. I have to be on my toes! In the off season last year I achieved the status of becoming an Enrolled Agent with the IRS. This is the highest credential they award and the studying…
When you start a new job you fill out a form so your employer knows how much of your income to send to the Feds for taxes. This is based on brief information you add to a worksheet and get a number. This number determines how much of your money is set aside based on…
No one wants to do their taxes (OK, I want to do your taxes, but follow my logic here). We make excuses, maybe life gets in the way and your income tax preparation falls by the wayside. Work gets busy, kids’ activities are ramping up as the weather warms and suddenly you look at the…
Yes, your cryptocurrency can be taxed. What, you thought that somehow the Internal Revenue Service wouldn’t want a piece of it? Of course they do! The IRS have even fought Coinbase and won, meaning Coinbase is turning over transaction information on some of its users to the IRS. No, seriously. And while you may…
Cryptocurrency is a relatively new and exciting field. Blockchain technology has opened up tons of new applications and fields from Smart Contracts to instant money transfers to mining cryptocurrencies. Advocates claim it will impact our daily lives in the near future, and there is no doubt it affects your tax situation right now. Congress and…
It’s time to schedule your tax appointment. Did it sneak up on you? Don’t panic, it’s less painful than the dentist and you might even head home with more money than when you made the appointment. Does your dentist do that? A tax appointment with Kim Schorr is painless! This year KMS Tax Preparation has…
Are you worried about a huge tax bill in April? Are you confused about how the new tax law will truly affect you? Do you just want to get peace of mind that you are on the right track? If yes, a tax checkup is for you! And this is the perfect time to do…
If you filed an extension for your 2018 Federal Tax Return, time is almost up. You only have until October 15th to complete and submit your return. Yes, you heard that right. Less than two weeks! As the noted philosopher Sheriff Woody once said, “This is the perfect time to panic!” There are many reasons…
Taxes are due one week from today! While things have been busy here at KMS Tax Prep, we know your life has been busy too. Did I just remind you about filing your taxes? Yes, it’s true, you have procrastinated that long. Don’t worry, there is still hope for you. The IRS allows you an…
