News & Publications

Welcome to our news & publications section, any new information from the IRS will be posted here. We will see anything from tax tips to News from my company.

01

Welcome Everyone. Here at Leandro's Tax services we strive to complete your income taxes accurately. We are opening our certified income tax business starting February of 2021. Feel free to book an appointment through our book online page. We will also schedule appointments by phone or e-mail.

Thank you in advance for your business.

02 Issue Number: COVID Tax Tip 2021-138

Highlights from National Small Business Week 2021

The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week.

Small businesses can share the word with employees about child tax credit
The IRS encourages employers to help get the word out about the advance payments of the child tax credit during Small Business Week. Employers have direct access to many who may receive this credit. IRS.gov has tools employers can use to deliver this information, including e-posters, drop-in articles for newsletters and social media posts to share.

IRS resources to help small business employers understand and meet their tax responsibilities
The IRS acknowledges that small business employers have unique tax responsibilities. The agency has a variety of information and resources to help employers understand and meet these unique tax responsibilities. Most of these resources are available anytime at IRS.gov.

Employers should choose their payroll service provider carefully
To meet payroll and employment tax responsibilities, many businesses hire a payroll and payroll tax company. Most of these businesses provide quality service, however, sometimes a payroll service provider doesn't submit their client's payroll taxes and closes abruptly. The client remains legally responsible for paying the taxes due even if they sent funds for deposits or payments to the payroll service provider. The IRS urges employers to choose carefully when selecting a payroll provider. The agency also encourages employers to enroll in the Electronic Federal Tax Payment System. It's free and when deposits are made under their EIN, it lets them monitor that their payroll service provider is making their tax deposits.

Small business owners should see if they qualify for the home office deduction
Many Americans have been working from home due to the pandemic the home office deduction. This tip will help taxpayers understand the home office deduction and whether they can claim it.

Renewed work opportunity tax credit can help employers hire workers
Recent legislation extended the work opportunity tax credit through the end of 2025. With many businesses facing a tight job market, the IRS reminds employers to check out this valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.

Share this tip on social media -- #IRSTaxTip: Highlights from National Small Business Week 2021 https://go.usa.gov/xMB5M

03 Issue Number: COVID Tax Tip 2022-86

IRS Free File and other resources available until Oct. 17 for 2021 tax returns.

The IRS reminds taxpayers who have not yet filed their 2021 tax return, they should file a complete and accurate return electronically when they are ready rather than wait until the October 17, 2022, extension deadline.

Taxpayers who owe tax – including those who did not request an extension – and have yet to file a 2021 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any balance due. Even if a taxpayer can't afford to immediately pay the taxes they owe, they should still file a tax return as soon as possible to reduce possible penalties. An extension of time to file is not an extension of time to pay taxes.

Generally, people who choose not to file a tax return because they didn't earn enough money to be required to file won't receive a penalty if they are owed a refund. But they may miss out on receiving a refund if they don’t file. Taxpayers still have time to get their full child tax credit or claim a missing Economic Impact Payment. The IRS advises individuals who still need to file a 2021 tax return to file electronically and, if due a refund, to choose direct deposit.

Here are some of the tools available on IRS.gov to help people with their taxes:

IRS Free File and other electronic filing options. Eligible taxpayers can prepare and file their tax return electronically for free through IRS Free File. MilTax is a free tax resource available for the military community, offered through the Department of Defense. There are no income limits. Eligible taxpayers can use MilTax to electronically file a federal tax return and up to three state returns for free. Other electronic filing options include using a free tax return preparation site, commercial software or an authorized e-file provider. Some IRS Free File products are available in Spanish. Filing electronically can also help taxpayers determine their eligibility for the earned income tax credit, child and dependent care credit and child tax credit.
Direct deposit for refunds. The fastest way for taxpayers to get their refund is to file electronically and use direct deposit. Taxpayers who do not have a bank account can visit the FDIC website or use the National Credit Union Administration's Credit Union Locator tool for information on where to find a bank or credit union to open an account online.
Online payment options. If a taxpayer owes taxes, they should pay as much and as soon as possible to reduce interest and penalties. An extension to file is not an extension to pay. Online Account and IRS Direct Pay allow individuals to securely pay from their checking or savings accounts. Visit IRS.gov for all payment options.
Account information and tax records. Individual taxpayers can visit IRS.gov to manage their account. They can take a variety of actions including viewing their balance and payment history, accessing tax records and more.

Some people may have a different deadline to file their tax return:

Special deadline exceptions may apply for certain military service members and eligible support personnel in combat zones.
People who have a valid extension and are in – or affected by – a federally-declared disaster may be allowed more time to file.

More information:
What if I can't pay my taxes?

Share this tip on social media -- #IRSTaxTip: IRS Free File and other resources available until Oct. 17 for 2021 tax returns. https://go.usa.gov/xJWyc