TaxSmith Tax and Accounting

TaxSmith Tax and Accounting

Income, payroll, sales/use, product (tire/battery, etc) tax preparation service. We can help with all states - not just Oklahoma! Bookkeeping as well!

Operating as usual

[05/14/21]   Hello all!

To give people an extra window to pick up their returns, or stop by to request an extension, we will be open tomorrow, 5/15/2021 from 9am - 2pm.

Additionally, anyone that has not picked up and/or paid for their returns by 5pm on Monday, 5/17/21 will have an extension filed on their behalf to mitigate late filing penalties (an extension filing-fee will apply).

We thank all our clients for the return business, new business, and referrals given - the 2020 tax season has been challenging and busy, but it's been a great season and we appreciate all that trusted us with their tax needs.

Thank you!

[05/13/21]   The 2020 Federal income tax filing deadline is Monday, May 17, 2021 - next week!

We still have a number of clients that have not yet picked up their returns! If you have not yet picked up and/or paid for your returns, you have until 4:30 p.m. Monday afternoon, 5/17/2021. Any returns not picked up by that time will have an extension filed. As a reminder, extensions only grant additional time to file. If you owe, the penalty/interest due on any amounts unpaid will start calculating on 5/18/2021.

Need more time to file? No problem! We will accept extension requests until 5:00 p.m. on 5/17/2021.

Thank you all for a wonderful income tax season!

[05/03/21]   We're getting close to the end of the extended 2020 income tax season!

Personal income tax filings or filing extensions must be filed no later than May 17, 2021. If you cannot or choose not to e-file, you'll need to make sure your mailed-in return or extension is postmarked no later than this date to be considered timely. If you are mailing returns or payments on this date, we recommend using certified mail.

We are still accepting returns if you've not filed yet! If returns are dropped off by 5pm on May 7, 2021, we guarantee they'll be ready for filing by the due date. We will take requests for extension until to 2pm on May 17th, 2021.

We appreciate all of our returning clients, as well as the many new clients that trusted us to prepare their returns, and gave us such a great income tax season - we hope to see you all back next year!

Perspective | If you call the IRS, there’s only a 1-in-50 chance you’ll reach a human being 04/24/2021

Perspective | If you call the IRS, there’s only a 1-in-50 chance you’ll reach a human being

Getting through to the IRS has been a very big challenge for everyone this year. We often get calls about how to check on an anticipated refund outside the IRS website, and are sometimes asked to call "the special number accountants have to check on refunds. " Spoiler alert: no such number exists!

Perspective | If you call the IRS, there’s only a 1-in-50 chance you’ll reach a human being So far this tax season, only about 2 percent of calls have gotten through to an IRS customer service representative, and the taxpayers who managed to get through have waited on hold an average of 20 minutes, according to national taxpayer advocate Erin M. Collins.

[04/02/21]   Where did March go? We're already to Easter weekend!

In case you hadn't heard, the filing deadline for 2020 returns has been moved to Monday, 5/17/2021, so there's still plenty of time to see us to get your 2020 returns prepared.

Won't be able to make the new deadline? No problem - we can file an extension to file for you too!

We hope everyone has a great Easter weekend! Our office will close today at 2pm in observance of the holiday weekend.

Thank you!

The Smith Family

These are the states that updated their 2020 tax filing deadlines 03/31/2021

These are the states that updated their 2020 tax filing deadlines

We've had several calls and emails asking whether state income tax returns are still due April 15th, 2021. Many states have followed the federal guidance and extended their due dates to May 17th, 2021.
https://www.cnbc.com/select/these-states-updated-their-2020-tax-deadlines/

These are the states that updated their 2020 tax filing deadlines The IRS announced that federal taxes are now due May 17. These states pushed back tax filing deadlines, some of which included a special extension for winter storm victims in TX, OK and LA.

[03/20/21]   Update for taxpayers with unemployment compensation that filed their returns prior to the passing of the latest stimulus bill:

Per the IRS, taxpayers that had unemployment compensation and had filed prior to the passing of the American Rescue Plan of 2021 will NOT be required to amend their federal returns.

The IRS will be reviewing all returns that had unemployment income included and applying the exemption amount of $10,200 towards the return, which could result in a refund for the taxpayer.

The need to amend state filings is still up in the air, as several states have not yet provided what the plan will be for these filings. Stay tuned!

IRS pushes April 15 U.S. tax deadline to May 15 03/17/2021

IRS pushes April 15 U.S. tax deadline to May 15

The IRS announced today that taxpayers will have an additional month to file their tax returns without an extension. We have to say we're happy to see this, considering the considerable changes that are still being implemented with passage of the 2021 American Rescue Plan. May 15th actually falls on a Saturday, so the actual due date will be May 17th, 2021.
https://www.cnbc.com/2021/03/17/irs-pushes-april-15-us-tax-deadline-to-may-15.html

IRS pushes April 15 U.S. tax deadline to May 15 The IRS is planning to push back the deadline for the tax filing season about one month, to May 15 from April 15.

03/17/2021

Arrrrrr!

Arrrrrr!

[03/13/21]   For taxpayers that received unemployment compensation during 2020, an amendment in the latest COVID relief bill now exempts the first $10,200 of unemployment compensation received from federal income tax.

Major software providers and tax preparation firms are still working through the details on how what the process will be for correcting affected taxpayer's returns that have already been filed, and are also working with individual states to see what, if any, relief will be provided to partially exempt part of unemployment income from state income tax.

If you've dropped off your return and received unemployment compensation during 2020, we will be holding your return until the process has been finalized so that we are only preparing/filing your return once. If you prefer not to wait, please call our office.

If we have filed your return and it included unemployment compensation, please stay tuned, as no guidance is available as to how those returns will be adjusted.

We're always happy to help and want to provide our clients great service at a reasonable (i.e., not a national chain) price, which is why we've made this post so that people aren't overpaying for tax preparation, whether they come to us or not :).

Still have questions? Give us a call @ 918-787-4100, or email us @ [email protected]. We're happy to help!


03/12/2021

We're willing to help out with their taxes, but they need to come back during business hours 😉.

When will the IRS send new stimulus checks? We have a clearer idea now that Senate passed the bill 03/08/2021

When will the IRS send new stimulus checks? We have a clearer idea now that Senate passed the bill

https://www.cnet.com/personal-finance/when-will-the-irs-send-new-stimulus-checks-we-have-a-clearer-idea-now-that-senate-passed-the-bill/?utm_source=facebook&utm_medium=news_tab&utm_content=algorithm

When will the IRS send new stimulus checks? We have a clearer idea now that Senate passed the bill Your personal timeline to receive the $1,400 stimulus check hinges on more than just when the stimulus bill will become law. Here's everything that could affect the arrival of your payment.

[03/07/21]   While most media outlets have been covering the highlights of the latest pandemic relief bill - mostly the $1,400 checks and the extension of the unemployment benefits, which have been reduced to $300/week - one thing that hasn't been covered as much is the amendment that was also passed that exempts the first $10,200 of unemployment compensation to be exempted from taxable income.

Congress should finalize the bill this week, but no guidance has been released as to how taxpayers that have already filed will be corrected.

With this said, if you received unemployment assistance last year and have not yet filed - we recommend waiting to file until guidance has been released so that you can get your return done without need for a possible future amendment being filed (we do not know that this will be the guidance given to tax preparers, but are erring on the side of caution). We are still more than happy to take your documents and start work on your return, but encourage anyone receiving unemployment benefits to wait to file until the new rules around this exemption are put into place.

While it would be easy for us to discard this information - as we do charge to amend returns that do not fall under our guarantee - we want to be upfront with those that trust accountants like us so that they do not pay unnecessary preparation fees - whether we prepare their returns or not.

We thank you all for your business!

The Smith Family

[03/01/21]   The national tax preparation companies are now offering to prepare your return "virtually" (meaning you can upload/email your documents for your tax preparation). This is great, and something we've been doing for clients all over the nation for a few years, - the difference is that we don't charge the high prices the big chains do!

Interested? Give us a call (918-787-4100) or email us at [email protected] to get started!

Did you skip mortgage payments last year? Here’s what that means for your taxes 02/28/2021

Did you skip mortgage payments last year? Here’s what that means for your taxes

Many people took advantage of the forbearance and deferrals offered by lenders last year. Here's something that people need to be aware of.
https://www-marketwatch-com.cdn.ampproject.org/c/s/www.marketwatch.com/amp/story/did-you-skip-mortgage-payments-last-year-heres-what-that-means-for-your-taxes-11613014553

Did you skip mortgage payments last year? Here’s what that means for your taxes Millions of Americans received forbearance on their mortgages over the past year, and that could have tax implications.

[02/25/21]   We've fielded many questions about stimulus payments, PPP loans, and unemployment. Key things to remember:

- Stimulus payments are NOT taxable income - however, your tax preparer needs to know the amounts you may have received during Spring 2020 and in late December 2020/early January 2021. Why? If you didn't receive the full amount from these stimulus payments, your preparer can complete the Rebate Refund Credit form, which may get you what you didn't receive back! It's important to be accurate with these amounts though, as a discrepancy can result in your tax return taking several weeks longer to process, meaning your refund will also be delayed.

- PPP loans are not taxable income. If your business took out a PPP loan through the SBA and the loan was forgiven, there is nothing to report and you should not receive a 1099-C from your lender.

- Amounts received for unemployment ARE taxable income at the federal level, and at the state level in many states.

We're happy to help anyone with questions they may have. If you have questions you need answered, give us a call to set up an appointment - as always, your initial consultation is free!

[02/17/21]   Our office will be closed tomorrow, 2/17/2021 due to a global alien invasion.

Just kidding! But our office will be closed due to the winter storm coming in tonight, and playing out through tomorrow. Thursday, 2/18 is iffy, but we hope to be back in office by Friday.

We will be available by phone and email tomorrow, provided we have power :).

Please stay safe and warm, and please keep an eye on those that may be more vulnerable during this awful weather!

[02/16/21]   We are aware that there was/are power outages in Grove this morning, which did impact our office and has us offline for the time being. We'll still be available from 9:00 a.m. -5:00 p.m. by phone for questions about setting up appointments, dropping off documents, etc.

We appreciate your patience!

[02/16/21]   Well, Mother Nature has shut our office down for tomorrow, 2/16/2021. While our office is closed, we will be available by phone (918-787-4100) and email ([email protected]) during our regular hours, 9:00 a.m. - 5:00 p.m..

While our customers are certainly welcome to use our drop box, we want everyone to be careful and not take unnecessary risks to drop off at our office. We want everyone to be safe and healthy! We can also accept your documents electronically - just give us a call and we'll get the process started for you!

[02/14/21]   Our office will be closed Monday, 2/15/2021 due to current weather and road conditions in the area. We are keeping an eye on road conditions and the forecast for the next few days, and we will post further closures here, should they be needed. We want to be sure our staff and our clients are able to make it to and from our office safely.

While we won't be open for in-person pickup/dropoff, we will be available by email and phone. We can be reached by phone or email during our regular business hours, 9:00 a.m. - 5:00 p.m., Monday - Friday.

Everyone stay safe and warm!

[02/12/21]   Our office is open today, until 3:00 p.m.!

The weather report for the weekend and early next week isn't looking great. We will keep an eye on the weather and will update this page if we will be closed.

Thank you to all who have been patient with us during this awful weather! If you don't want to get out in the cold, we have options for electronic receipt/delivery of your tax documents! Shoot us a message to learn more!

[02/11/21]   Unfortunately, the weather has us closed again today. We are available through email and our online portal today, however, and plan on being back in office tomorrow morning. If you have to get out and about, stay safe - but if you can, stay home!

[02/10/21]   It's cold and slick out! Everyone stay home if possible, and if you can't - be extra cautious!

Our office is closed today due to weather and road conditions, as well as school closings. We're hoping to be open tomorrow if weather/road conditions improve.

You can always email us at [email protected], or give us a call at 918-787-4100, and we'll return your call as soon as possible!

Thank you!

Educators Can Now Deduct Expenses for COVID-19 PPE 02/08/2021

Educators Can Now Deduct Expenses for COVID-19 PPE

For our clients and future clients that work in education :)

https://www.drakesoftware.com/content/educators-can-now-deduct-expenses-for-covid-19-ppe/?fbclid=IwAR37TjK6GS9IWMVvxPXcVkJjRcLQ_2aYm0uH9y1TLYa11UTp8DNv8GtpmW4

Educators Can Now Deduct Expenses for COVID-19 PPE Since the Coronavirus pandemic began, we’ve heard a lot about front-line health care workers and their risks. Now we’ve come to know that teachers face risks of their own.

What You Need To Know About Coronavirus-Related Distributions Before Filing Your 2020 Tax Return 02/06/2021

What You Need To Know About Coronavirus-Related Distributions Before Filing Your 2020 Tax Return

Did the COVID-19 pandemic cause you take a distribution from your retirement account, either directly or via a loan against your account? You may be eligible for special tax benefits on this income.

For the 2020 filing season, COVID-19 is the only recognized disaster that allows for taxpayers to complete Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments.

More information is at the link below. Have questions? Call or email us today to set up an appointment!

[email protected]
918-787-4100
https://www.forbes.com/sites/rcarson/2021/01/29/what-you-need-to-know-about-coronavirus-related-distributions-before-filing-your-2020-tax-return/?sh=514134885a66

What You Need To Know About Coronavirus-Related Distributions Before Filing Your 2020 Tax Return If you took a qualifying distribution from your retirement plan in 2020, here’s what you need to know before you file your tax return.

[02/06/21]   One recurring question we get here is related to taxability of unemployment payments and stimulus payments. Are either taxable?

Unemployment benefits ARE subject to income tax. With the pandemic, many people sought first-time assistance through unemployment; however, they may not have been aware that those benefits are taxable, and did not have any taxes withheld on those benefits. This may result in owed taxes on their personal income tax return this year.

On the other hand, stimulus payments are not considered income, and are not subject to tax.

Confusing? Have questions? Feel free to email or call us to set up an appointment!
918-787-4100

Recovery Rebate Credit | Internal Revenue Service 02/06/2021

Recovery Rebate Credit | Internal Revenue Service

Are you aware that you if you did not receive full stimulus payments (or any payment at all), you may be eligible to file for the Recovery Rebate Credit (RRC).

To prepare and apply for the RRC, you will need to provide your preparer with the total amounts of stimulus payments you received in both 2020 and in January 2021.

More info here:
https://www.irs.gov/newsroom/recovery-rebate-credit

Recovery Rebate Credit | Internal Revenue Service Eligible individuals can claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.

[02/01/21]   Did you receive a reduced stimulus payment, or no stimulus payment at all during 2020 or 2021?

There are numerous reasons that this may happen, but in many instances, the IRS wasn't able to get payments to some people due to no address, bank or filing information.

For the 2020 filing season, the IRS has introduced the Recovery Rebate Credit to assist taxpayers that received a reduced payment or no payment at all.

When you're ready to have your taxes prepared, be sure to include information related to your stimulus payments received/not received - it could possibly increase your refund or reduce your tax bill (lets hope for the former)!

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115 E 18th St
Grove, OK
74344

Opening Hours

Monday 09:00 - 15:00
Tuesday 09:00 - 15:00
Wednesday 09:00 - 15:00
Thursday 09:00 - 15:00
Friday 09:00 - 15:00
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