PZG Law Firm

05/05/2025

https://youtube.com/shorts/cNVwT8xD84I?si=WR7vtY_6Xpr41Jdk

I’ll just leave this right here.

08/15/2020

Let's ensure that our vote is counted this year. The stakes couldn't be higher. Forget the 'Mail In Voting' Option. It is evident that great effort is being made to undermine the efficiency of the USPS and as a result sabotage the election. Every vote matters and it is incumbent upon us to take the necessary steps to ensure that our vote is counted.

In Person Early Voting is going to be our best defense. Please feel free to share

When does early voting start and end in your state? Find out now.

07/15/2020

To my facebook family and friends, make sure to file your taxes today even if you don't have the funds to pay any tax liability. In the alternative, if you have cannot file your tax return then file an extension and verify with your preparer that the extension has been accepted. Insist that they give you written proof of the Acceptance. If in doubt, then have your preparer print out the extension and mail it certified with return receipt requested.

The IRS assesses the following penalties 'Failure to File' (FTF) and 'Failure to Pay' (FTP). By filing a timely return or extension you can eliminate the higher of the two penalties.

Remember, YOU, the taxpayer is ultimately responsible to ensure that a return or extension is filed timely.

Happy FILING and STAY SAFE!

Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill.

06/21/2020

A good read as we inch closer to the July 15th tax deadline.

There's more to the story than just the additional time to file and pay.

05/08/2020

Please take a moment to read as this may be of benefit to you or someone you know. Be safe!

FAQs about the Higher Education Emergency Relief Fund.

03/29/2020

As a result of the ongoing pandemic crisis there have been a few Federal changes that affect all Americans. With all of the misinformation online, here are the things you should know:

1. The annual tax filing deadline has been extended for this year from April 15t, 2020 to July 15, 2020.
- Does this deadline include when I must pay any taxes
due? YES.

2. Will I need to file any sort of form in order to qualify ofr this new extension? No, ALL taxpayers are eligible. Just file and pay any taxes due by the July 15th deadline.

3. Will my State taxes be extended to July 15th too?
A majority of states will likely conform to the federal deadline of July 15. However, it is best that you check with your individual state to confirm. If you are filing a tax return for multiple states, check with those, as well.

4. Does this new deadline also extend my time to contribute to my IRA? YES. Your 2019 contribution will be extended to July 15. You can contribute a maximum of $6000 plus an additional 1,000 if you are over 50.

5. What about contributions to my HSA or Archer MSA? Because, contributions can be made anytime during the year up until the filing deadline due date, the July 15th extension will apply here, as well.

Finally, if you are unable to file by the July 15, 2020 deadline, you still have the opportunity to request an automatic extension to file your federal income tax return until October 15, 2020.

Hope this helps to clarify some of the questions you may be having regarding the recent changes affecting your 2019 income tax return.

01/08/2020

Es tiempo de empezar a preparar sus documentos para la presentación de impuestos del año 2019.

IR-2020-02SP, 6 de enero de 2020 WASHINGTON — El Servicio de Impuestos Internos confirmó que la temporada de impuestos de la nación comenzará para los contribuyentes individuales el lunes, 27 de enero de 2020, cuando la agencia tributaria comenzará a aceptar y procesar las declaraciones del a....

12/27/2019

The best way to avoid an IRS controversy is to stay INFORMED.

Are you an employer? Do you issue forms 1099 Misc. to Independent Contractors? If your answer to either of these questions is YES, then please watch this short video.

Eres un empleador? Entregas formas 1099 Misc. a subcontratistas? Si tú respuesta es SÍ a cualquiera de éstas preguntas, favor de ver este video.

Get tips for being prepared to file Forms W-2, W-3 and some Forms 1099-MISC by the Jan. 31 due date. Learn about extensions. For more information, go to http...

09/30/2019

DID YOU FILE AN EXTENSION?

If so, the deadline for completing and filing your return is drawing near.

For most calendar year taxpayers, the deadline for filing your 2018 Income tax return is October 15, 2019.

Deadlines for fiscal year taxpayers and corporations will vary. Be sure to check with your tax professional as some of those deadlines have already passed.

If you asked for an extension to file your tax return, remember that the deadline is mid-October. Learn more at IRS.gov.

07/11/2019

Awesomness!

A Little Caesars restaurant in Fargo, North Dakota is capturing hearts and feeding the hungry with a new policy they posted with a sign in their window. A new idea came to General Manager, Michelle Lussier, after she noticed an ongoing problem: people were eating leftovers from the store dumpster. L...

06/24/2019

Some good FYI...

Tax information and news from the Internal Revenue Service (IRS).

08/06/2018

PZG Law Firm presents:

The New 2018 Tax Law Changes and Your Bottom Line.

So, how does the new Tax Reform Act affect your bottom line? Check in here over the next few weeks and months as we update you on some of the tax law changes going into effect in 2018 that may affect your bottom line. Please note, the tax law is complex and every case is very individualized, but generally speaking, the following explanation breaks down in laymen terms some of the upcoming changes compared to pre-tax reform tax laws. This is not intended to be legal advice will apply.

The Standard deduction:

Generally speaking, for those of you who do not own your own home and were not making mortgage payments on a personal residence during 2018 you will be claiming the standard deduction. The standard deduction is an amount the government says you can deduct from gross earnings to help arrive at your taxable income. The standard deduction varies depending on your filing status. The filing statuses are Single (no dependents) (S), Head of Household (HOH), Married Filing Joint (MFJ), Married Filing Separate (MFS) and Qualifying Widow (er) (QW).

So, how does this break down in dollars you say? Okay, well in 2017 the standard deduction was as follows:
Single & MFS -- $6350
HOH -- $9350
MFJ & QW -- $12,700

The new Tax Act will increase the Standard deduction to:
Single & MFS -- $12,000
HOH -- $18,000
MFJ & QW -- $ 24,000

Yeah! Awesome! right? Not so fast, you see another major change will impact some of you more than others. Prior to this major change every taxpayer could also deduct a certain amount for themselves, their spouse and their dependents (that satisfied certain requirements) This exemption amount was multiplied by the number of persons listed on the return and was then subsequently deducted from gross earnings to also help arrive at taxable income (with some exceptions where it could be phased out). Historically, the exemption amount was increased each year. For 2017 the personal and dependency exemption was $4050.

The new Tax Act eliminates the personal exemptions entirely. So, how does this add up? Let's use the following scenarios.

A single parent with two dependents, not itemizing, of course. The standard deduction and exemptions would be as follows:
2017--- $21,500 ($9,350+$12,150 (3 X $4050)
2018--- $18,000

Let's say you are a married couple with 2 dependents:
2017-- $28,900 ($12,700 + $16,200 (4 X $4050)
2018-- $24,000

For a single person with no dependents:
2017 -- $10,400 ($6350 + $4050)
2018 -- $12,000

There are many more changes some good and some not so good. In the end, only you can be the best judge of whether the new tax reform act is good as they say it is to YOUR bottom line.

Stay tuned for more updates to come in the weeks and months ahead.

A word of caution, NOW would be an excellent time to re-evaluate your withholdings so as not to be caught unawares at tax time. You may need to complete a new form W-4 to account for these changes that could negatively affect your tax liability.

Please note:
I am an attorney but I am not your attorney. This information does not create an attorney-client relationship. I am licensed to practice in Wisconsin and have based the information presented on US Tax Law. Although, this is legal information, this information should not be seen as legal advice. You should always consult with a tax professional or advisor for advice specific to your situation and needs.