For those who withdrew up to $100,000 in 2020 from a tax-deferred retirement account or taxable earnings in a Roth account due to a Covid-19-related financial hardship, we have great news. The CARES Act eliminates the 10% withdrawal penalty for such a distribution. Valid Covid-19-related hardships include a positive coronavirus diagnosis for the account owner, …
As a result of Republic Banks combined efforts with the tax software industry, the IRS isbeginning to implement the following plan: The IRS has started issuing payments to some affected customers by direct deposit as of January 26th. The IRS will continue to release funds to affected customers in batches through February 5th. What does …
This information is for those who have not yet received their second round stimulus payment of $600 for each qualifying person (taxpayer, spouse and dependent under 17 years of age) “EIP-2” from the IRS, which was scheduled to be direct deposited into your bank account, or otherwise sent to you beginning December 31, 2020. We …
December 2020 Stimulus Payments—Important Information Read More »
Due to various errors realized by the IRS in sending the $600 stimulus payments approved by Congress on December 27, 2020 to taxpayers, The IRS has decided to delay the start of the 2020 tax season to February 12th , 2021. The delay allows the IRS time to do additional programming and testing of IRS …
We hope you’re all staying healthy and in good spirits during this unprecedented time. To quickly update you on our status, we intend to remain open for business for the remainder of tax season and beyond unless we are mandated to do otherwise. Most of our staff will continue to prepare taxes in-house, but as …
Happy New Year from all of us at 1st Source Tax & Accounting! To returning clients, thank you once again for the trust you have placed in our staff. Without you and your continued referrals, there would be no 1st Source Tax! And new clients, welcome! We can’t wait to work with you this year. …
Everyone wants to save more money but sometimes that is easier said than done. What is your biggest obstacle when it comes to saving money? A recent survey of Millennials asked what their biggest problems were when it comes to saving money. Here were some of the biggest problems reported: 48% said essential cost of …
What are your biggest obstacles when it comes to saving money? Read More »
If you are nearing retirement age but don’t want to retire, consider other options such as cutting back on responsibilities or working part-time. This may even be a great time to start your own business!
Everyone’s tax situation is different, which leads to different fee structures. Rest assured no one leaves the office until 1st Source AND you are satisfied with your price!
