The extension filing deadline for S-Corporations, and Partnerships is Wednesday, September 15. The current deadline for Individual returns is Monday, May 17.
The extension deadline for personal returns is Friday, October 15.
For 2020 the federal standard deductions are as follows:
$12,400 for single filers or married filing separately.
$18,650 for heads of household.
$24,800 for married filers.
Additional standard deduction amounts for over 65 or the blind is $1,300.
The additional over 65 standard deduction amount increases to $1,650 for single or head of household filers.
The Tax Cuts and Job Act abolished the Obamacare penalty on tax payers who were not covered by health insurance
for 2019 and beyond. However, if you are covered by a health insurer through the Obamacare exchanges, they will send you a form 1095-A in early 2021, and we will need
that form to correctly prepare your returns.
To assist taxpayers in deciding their withholdings claimed on their employers' W4 forms, the IRS provides
a withholding calculator which we recommend all our clients utilize. The withholding calculator is available at this link:
Montana's highest tax bracket remains at 6.9%.
More information can be obtained at the link below when the State of Montana sees fit to update its website: Montana Income Tax Rates
Personal and Business Tax Prep/Consultation and Planning
Today’s complex business world needs a comprehensive tax team that can help
you organize and manage your finances through our professional tax preparation & consultation.
We help businesses and individuals stay ahead of their finances by organizing and planning for
tomorrow’s success.
Our professionals bring over 40 years of combined experience, and the most up-to-date legal
and technical knowledge in the industry. Let us help you prepare and plan for your financial
success today!
Payroll and Bookkeeping
Our bookkeepers provide full service bookkeeping utilizing Intuit QuickBooks®, as well as payroll
and small business consulting. We are focused on the needs of small businesses operating in the Flathead Valley of Montana,
but we are also proud to offer our services to all 50 U.S. States.
The link below is to our client engagement agreement for payroll and bookkeeping which elaborates further on these
services.
We can help you file your company Annual Reports each year, and have a staff of experts
that can help this process go as smoothly and as fast as possible.
Annual Minutes are yearly documents that record your company Annual Meeting information,
which is to be held each fiscal year by the directors, even if it is just yourself. Included in
these documents are: the date & location of your meeting, attendees, a summary of your company actions
throughout the last fiscal year, and a statement as to what the company’s future resolutions are.
Though they do not need to be reported, Annual Minutes must be documented in case an IRS audit
were to occur. At Jeffrey D. O’Brien CPA, and Western Business and Tax Services we help you organize
and file both Annual Reports and Annual Minutes.
The link below can be used to help you know if you qualify for an exemption from the Affordable
Care Act (Obamacare) tax penalty if you did not have health insurance for the previous tax year.
Access forms and publications
Research tax issues
(406) 752-6636 - Local Kalispell Number
(800) 829-1040 - Toll Free for Individuals
(800) 829-4933 - Toll Free for Businesses www.irs.gov
Montana Department of Revenue
Research tax issues
Sign up and pay individual income taxes online
Information on property tax assessments and reappraisals
(406) 758-5700 - Local Kalispell Number
(406) 444-6900 - Helena Call Center revenue.mt.gov
Personal Tax Exemptions and Deductions
Publication 501 from the IRS explaining the claiming of dependents, exemptions and filing information.
Administer changes to your Social Security Card
Plan and apply for retirement and disability benefits
View your Social Security Account www.ssa.gov
Medicare Administration
Enroll in Medicare
Access Medicare billing and claims
Compare health plan options in your area
Identify programs that may assist with your prescription drug and other health care costs
Compare nursing homes in your area www.medicare.gov
Research state labor issues
Guidance on rules and regulations
File a claim
Calculate unemployment benefits dli.mt.gov
Montana Unemployment Tax Division
Download forms
File claims
Research unemployment tax in Montana uid.dli.mt.gov
Electronic Federal Tax Payment System (EFTPS)
Enroll in tax payment program
Make payments online for individual, payroll and business taxes www.eftps.gov
Federal Employer Identification Numbers
Obtain Federal Employer Identification (FEIN or TIN) numbers irs.gov/businesses
Montana Business Tax Express
Sign up and make Montana withholding tax payments online app.mt.gov/bustax/
Montana State Fund
Insurance coverage including worker's compensation
Access forms and instructions
Information on reporting injuries and claims
Definition and guidance for independent contractors www.montanastatefund.com
QuickBooks® Accounting Software
Compare products
Research technical support
Access program updates
Purchase software quickbooks.intuit.com