Frisco Bookkeeping and Tax Services Reminds that July 15 Tax Filing Date Approaches
The federal individual and business income tax filing date of July 15, 2020, is fast approaching.
The professionals at Frisco Bookkeeping and Tax Services LLC want to provide a friendly reminder about this important deadline that was extended from the original date of April 15 as a result of the coronavirus (COVID-19) pandemic. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, and other non-corporate tax filers as well as those who pay self-employment tax.
Individual taxpayers who need additional time to file beyond the July 15 deadline may request a filing extension by completing and filing Form 4868 through their tax professional, tax software, or by using the Free File link at (IRS.gov). Businesses that require additional time must file Form 7004.
Although consideration was given to further extend the deadline, July 15, 2020, remains the final day for filing federal individual and business tax returns.
If at any time you require assistance or have questions, please feel free to contact Jennifer Marcus, the owner of Frisco Bookkeeping and Tax Services LLC at jennifer@friscobookkeepingandtaxservices.com or by phone at (972) 885-0156.
Forms required for individual tax returns
The forms that you will need for filing your individual taxes for the 2019 calendar year may include:
W-2 – If you worked part- or full-time for an employer in 2019, you likely received one or more W-2 Forms that detail what you earned and what taxes were withheld during the year.
1099 – These forms provide information on what you earned from freelance or contract work (1099-MISC), investment interest (1099-INT), investment dividends (1099-DIV), and other sources of income.
Form 1040 – Since the 2018 tax year, Form 1040 and adjoining schedules will enable you to report income, how much you owe, and information about any credits and deductions you’re claiming on your federal return.
Additional documents that may be required for completing your tax return include receipts for business expenses, medical bills, and charitable donations, as well as statements detailing investments, student loan payments, etc. Be sure to retain these types of paperwork to make claiming deductions and itemizing expenses easier.
Forms required for business tax returns
The forms that you will need for filing business tax returns for the 2019 calendar year may include:
1040 or 1040-SR Schedule C -- Profit or Loss From Business (Sole Proprietorship) or Schedule F, Profit or Loss From Farming.
1065 -- U.S. Return of Partnership Income.
1120 -- U.S. Corporation Income Tax Return or 1120-S, U.S. Income for an S-Corporation.
4562 -- Depreciation and Amortization.
8829 -- Expenses for Business Use of Your Home.
Please feel free to contact us
If you are interested in learning more about or require assistance in filing your individual or business tax returns, or would like a quote, please contact Frisco Bookkeeping and Tax Services Owner Jennifer Marcus via E-mail at jennifer@friscobookkeepingandtaxservices.com or by phone at (972) 885-0156.
You may also visit the company's website at www.friscobookkeepingandtaxservices.com and submit an E-mail to obtain a free quote. Our offices are located at 10357 Soledad Road in Frisco, Texas (75035).
We provide a variety of services for individuals and small-to-large companies. Our firm, which boasts more than 18 years of successful, timely, and reliable assistance, offer setup and training of QuickBooks®, QuickBooks® Pro Advisor, Online QuickBooks®, and Online Cloud. We also provide bookkeeping and payroll services, as well as income tax preparation for individuals and businesses.
Jennifer Marcus, the esteemed owner of this helpful business, holds a Masters Degree in Accounting and Financial Management and is also a CTEC Registered Tax Preparer and a QuickBooks® ProAdvisor.