Landmark Tax Group - April 2021

Landmark Tax Group - April 2021

Landmark Ledger Down to the Wire If You’re a Last-Minute Filer, Here’s What You Need to Know!

(949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

April 2021

B y the time you read this, the tax deadline — which is Thursday, April 15 — may be just a few days away! If you’re a last-minute filer, as many people are, here are a few tips to help you cross the finish line as efficiently and stress-free as possible. 1. Take advantage of IRS e-file. This option is quick, easy, and available to all taxpayers. Those under certain income thresholds (such as $72,000 for individual filers) can also file for free using this option. It’s also secure, so you know your tax information won’t end up in the wrong hands. 2. Make sure everything is correct — and check again! Last-minute filers often feel rushed, and when you feel rushed, you’re more likely to miss something or make a mistake. It’s okay to take a break and take a few breaths. Take a few minutes to read your return line by line so you can be sure you didn’t miss anything. 3. Sign only when certain! After you’ve checked (and re-checked) every piece of information and number on your return, only then sign and date. Doing this last helps you avoid many common mistakes, such as incorrect or omitted information. If you’re filing jointly, make sure your spouse signs too. Forgetting this step can cause major headaches later on.

4. Check the address. This is for filers mailing their return. The IRS has different addresses for various purposes, and there are different locations per state or region. If it isn’t clear where you should be sending your return, you can find the correct address by searching on IRS.gov. 5. Pay electronically. If you owe, the quickest and easiest way to pay is via the web. The IRS has the option to pay with a direct withdrawal or via debit or credit card (though these may come with processing fees). 6. Request an extension. If you’re really getting down to the wire or you know you simply won’t be able to make the April 15 deadline, you can file for an extension. This gives you six additional months to prepare your tax return. If you choose to file for an extension, this only applies to filing

the return itself — it does NOT apply to submitting payment. You must pay any taxes due to the IRS by the April 15 deadline. Filing at the last minute can be stressful, but remember, as long as your return and/or payment is dated by midnight April 15, you’re golden. Just remember to take it step by step. Read any and all instructions. You may find that even though you’re down to the wire, you may end up with a little more time than you realized. If you have any last-minute questions, you can also check our website for free resources at LandmarkTaxGroup.com/ Free . We’re always here to help.

“One of the most highly rated and best reviewed businesses on Yelp!” AS SEEN ON:

Entrepreneur, Inc

1

(949) 260-4770 | [email protected]

Published by Newsletter Pro | NewsletterPro.com

Sprout Your Kids’ Imagination With 3 Fun

Earth Day Projects

With spring officially underway, April showers starting to bring May flowers, and Earth Day on April 22, now is a great time for outdoor family activities.

string. Top the peanut butter with “sprinkles” of mixed birdseed or small pieces of nuts and fruit to appeal to even more birds. For full instructions, visit TheSpruce.com and search “pine cone bird feeder.”

or tomatoes, work best for this project. For full instructions, visit GardenBetty.com and search “starting seeds in eggshells.” Stick With Magic Nature is a magical place. Many kids know this instinctively and often point out things adults take for granted or overlook, like bright-colored leaves, fun-shaped rocks, and acorn “hats.” Making a nature wand is a great way to let your kids explore their environment, whether that’s in your backyard, on a neighborhood walk, or in your favorite park. Let their imaginations run wild with what their magic wand can do! This simple project starts with a stick and masking tape. Your kids add all the extra flair by hunting for natural treasures and sticking them onto their wand. Complete instructions can be found at LaughingKidsLearn.com/nature- wands-outdoor-play.

One for the Birds Making a pine cone bird feeder is a fun and inexpensive project.

An Egg-cellent Planter Save those eggshells from breakfast (and the paper carton, too!) and use them to start a garden! Your little

In addition to creating and hanging your bird feeder, you’ll get hours of extra entertainment from watching the birds it will attract to your yard. If your

ones will enjoy planting some seeds, watering them, and watching them sprout and grow into something new. When the sprouts are big enough and it’s warm enough outside, you can plant the shell and carton directly into the ground! This easy project just requires rinsed eggshell halves, some lightly moistened potting soil, and seeds of your choosing. Note that smaller seeds, like those for herbs, lettuces, peppers,

kids are older, take photos of the birds or note their colors and features and look them up in a field guide or online.

This craft just requires a pine cone (the bigger the better), peanut butter, and some twine or

Tax Return How-To Determine Your Correct Filing Status

Married Filing Separately (MFS): You can choose this filing status if you and your partner are married but choose to file separately. Head of Household (HOH): This status generally applies if you are not married and have paid more than half the cost of maintaining a home for yourself and a qualifying person. Qualifying Widow(er) With Dependent Child: This status may apply if your spouse died during the last two years, you have a dependent child, and you meet certain other conditions. Need help with your tax return or another IRS matter? Get in touch by emailing [email protected] .

So, to avoid any mistakes, consider the following to help you choose the best filing status for you. If more than one filing status fits you, choose the one that allows you to pay the lowest taxes. An important thing to remember is that your marital status on Dec. 31 of the previous year is your marital status for the current year. Single Filing: Single filing generally applies if you are unmarried, divorced, or legally separated according to state law. Married Filing Jointly (MFJ): A married couple may file a return together with this status. If your spouse died during the tax year, you usually may still file a joint return for that year. Same-sex couples also may now file jointly.

It’s important to use the correct filing status when filing your income tax return because it can impact the tax benefits you receive, the amount of your standard deduction, and the amount of taxes you pay. It may even impact whether you must file a federal income tax return. There are five filing statuses on a federal tax return, with the most common being “single,” “married filing jointly,” and “head of household.” The head of household status is the one most often claimed in error.

2

(949) 260-4770 | [email protected]

YOUR OPTIONS WHEN YOU OWE THE IRS

Y You’ve done your taxes or worked with a professional to get your taxes done for the year, but you still owe. Whether you owe a little or a lot, it can be disheartening, especially if you weren’t prepared for or expecting it. Thankfully, there are several options at your disposal in the event you owe and are not in the position to pay, whether partially or in full. Payment Plans In working with the IRS, you may be able to reach an agreement that lets you pay in designated installments over a certain period of time rather than with a lump sum. Hardship Determinations If you’re dealing with a significant financial or economic hardship, the IRS may be willing to work with you to place you on “currently not collectible” status. The IRS will look

at several different factors, such as your employment status, dependents, cost of living, and medical issues.

Penalty and Interest Removals When you fail to pay owed taxes, the IRS will issue penalties. These penalties can accrue interest and additional penalties if they are not paid. Despite issuing penalties, the IRS also offers penalty and interest relief. They even have a first-time penalty abatement program. Tax Lien and Wage Garnishment Prevention This one is more in the hands of the taxpayer. It’s all about being proactive and being willing and able to work with the IRS. Ignoring IRS letters can put you on the path to penalties and liens. Always open those letters and if you need help, seek that help, whether through the IRS or with a tax professional. Additional Resources If you owe $10K or less, you can get help today by going through our “Owe $10K or Less” course at LandmarkTaxGroup.com/10k . If you owe over $10K, you can find free guidance at LandmarkTaxGroup.com/free . Finally, taxpayers with IRS back taxes can also learn how to get a fresh start at LandmarkTaxGroup.com/FreshStart .

S UDOKU

TAX QUOTES

“PEOPLE WHO COMPLAIN ABOUT TAXES CAN BE DIVIDED INTO TWO CLASSES: MEN AND WOMEN.” –UNKNOWN

3 (949) 260-4770 | [email protected]

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

2030 MAIN STREET, STE. #1300 IRVINE, CA 92614 www.LandmarkTaxGroup.com (949) 260-4770 Professional | Experienced | Licensed Expert IRS & State Tax Relief

Inside This Issue Are You a Last-Minute Tax Filer? 1 3 Fun Earth Day Projects for Families Is Your Filing Status Correct? 2 If You Owe the IRS, Here Are Your Options Tax Quotes 3 Vacations That Pay 4

Sudoku Answer Key

Vacation Destinations That Will Pay You to Visit

In the wake of COVID-19, tourist destinations worldwide have been hit hard. To lure travelers back, some places are offering steep discounts and other incentives throughout all of 2021. With cheap airfare and great deals on accommodations, tours, food, and more, you can take a luxury vacation on a dime this year. Mexican Caribbean Few words evoke the image of beaches, sun, and saltwater like “Cancun” does. This Mexican locale has become synonymous with leisure, as have other destinations in the Caribbean — beautiful places like Isla Mujeres or the Riviera Maya. Tourists can visit all of them at a steep discounted rate until the end of 2021 thanks to promotions from the Hotel Association of Cancun and the Quintana Roo Tourism Promotion’s council. Head to

En.Come2MexicanCaribbean.com to find vouchers for two free nights in a hotel for every two you pay for, steeply discounted airfare, and even options for free food and drinks. Thai Paradise Although it’s no longer the hidden destination it once was, there are still a lot of good reasons to visit Thailand. In addition to being an affordable place to travel, Thailand also has great food and an amazing climate. To make up for the financial hit due to suspended travel because of the virus, the Cape Fahn Hotel is offering incentives into 2021 including a complimentary upgrade to the next class of care, which gives economy spenders access to executive accommodations. Other incentives include free meals, round-trip airport service, and

discounted beach picnics and boat tours. Check out CapeFahnHotel.com/offers for more information. Whistler, British Columbia Although this destination in British Columbia might be known for its winter activities, there’s a lot to love about Whistler in late spring and early summer! One great thing? The amazing array of money-saving options you can find here. The Riverside Resort, for example, is offering mountain-view cabins at a 3-for-2 discount — pay for two nights and get a third for free! Traveling to Canada can be tricky at the moment, but if you use a good travel agent, you can take advantage of some great deals. Other incentives in the region include free meals (or a per diem meal rebate) as well as discounts on guided tours.

4

(949) 260-4770 | [email protected]