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Remote Ways to Pay

Although for 2019 there is an automatic extension to file and pay taxes, if you owe, til July 15, 2020, if you do file sooner you can pay and set up payment plans all from the IRS.gov site. The IRS offers several easy ways to pay taxes. Taxpayers can pay online, by phone or with their mobile device using the IRS2Go app, just to name a few.

Several ways to pay taxes if you owe

Here are some options to pay:

  • Pay when you e-file using their bank account, at no charge, using electronic funds withdrawal.
  • Use IRS Direct Pay which allows taxpayers to pay electronically directly from their checking or savings account for free. They can choose to receive email notifications about their payments when they pay this way. Taxpayers should watch out for email schemes. IRS Direct Pay sends emails only to users who request the service.
  • Pay using a payment processor by credit card, debit card or digital wallet options. Taxpayers can make these payments online, by phone or through the IRS2Go app.
  • Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, the taxpayers can make their payment in monthly installments.

Parents who adopt can benefit from this valuable tax credit

Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same.

If you started the process in 2019 you may be eligible for the credit

Here are some facts to help people understand the credit and if they can claim it when filing their taxes: 

  • The maximum adoption credit taxpayers can claim on their 2019 tax return is $14,080 per eligible child.
  • There are income limits that could affect the amount of the credit.
  • Taxpayers should complete Form 8839, Qualified Adoption Expenses. They use this form to figure how much credit they can claim on their tax return.
  • An eligible child must be younger than 18. If the adopted person is older, they must be unable to physically take care of themselves.
  • This credit is non-refundable. This means the amount of the credit is limited to the taxpayer’s taxes due for 2019. Any credit leftover from their owed 2019 taxes can be carried forward for up to five years.
  • Qualified expenses include:
    • Reasonable and necessary adoption fees.
    • Court costs and legal fees.
    • Adoption related travel expenses like meals and lodging.
    • Other expenses directly related to the legal adoption of an eligible child.
  • In some cases, a registered domestic partner may pay the adoption expenses. If they live in a state that allows a same-sex second parent or co-parent to adopt their partner’s child, these may also be considered qualified expenses.
  • Expenses may also qualify even if the taxpayer pays them before an eligible child is identified. For example, some future adoptive parents pay for a home study at the beginning of the adoption process. These parents can claim the fees as qualified adoption expenses.
  • Qualified adoption expenses don’t include costs paid by a taxpayer to adopt their spouse’s child.

Tax Season Awareness

As we enter tax season it is good remind ourselves what we need to prepare.

A little prep goes a long way
  • Gather your records together:  By now you should have received most if not all of your tax forms in the mail.  Gather them all together along with any relevant receipts or other pertinent records you might need and viola!  Task one accomplished!
  • Decide how you will file:  There are plenty of free resources for filing your taxes and starting with IRS.gov is not a bad idea.  There are both free services for filing and help if you get stuck.
  • How will you receive your refund or pay your taxes:  Once you have filed your return, before you submit it, decide how you want your refund.  It is simple to link a bank account so that your refund is automatically deposited.  You can always receive a check in the mail but expect it to take longer.

If you prefer to have a paid preparer do your tax return for you, you will still need to do the above tasks.  If you have a trusty professional that prepares your return every year you are ahead of the game. If you need to find one be careful to check them out first.  There can be unscrupulous people out there.

Before and after you prepare your taxes be aware of scams.  Remember the IRS will never call you or ask for money or your social security number.  And as always, if it sounds too good to be true – yep, you’re correct, it probably is!

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