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Tennessee Qualifies for Disaster Tax Relief
All of Tennessee qualifies for disaster tax relief; various deadlines postponed to Nov. 3 IR-2025-47, April 14, 2025 WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of Tennessee affected by severe storms, straight-line winds, tornadoes and flooding that began on April 2, 2025. These taxpayers…
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Tax Season Update
Today is April 14th, which in a normal Tax Season would be our last day of a full schedule of busy appointments, however this Tax Season is not normal. The Tax Filing Deadline Extended to May 1st for All Alabama Residents As a reminder, our Office Hours will revert to Monday through Thursday 8:00 am…
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First Quarter Estimated Tax Payment
Cook & Co. Tax Advisors rereminds self-employed individuals, retirees, investors, businesses and corporations that April 15 is the deadline for first quarter estimated tax payments for tax year 2025. Alabama Residents and others have until May 1. Because federal income taxes are pay-as-you-go, the law requires individuals who don’t have taxes withheld to pay taxes…
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Sunday Morning Blog – April 6, 2025
Tax Deadline Extended in Alabama for 2024 Tax Filings Due to FEMA-Declared Disaster Residents and businesses in Alabama affected by Hurricane Helene, which struck on September 22, 2024, have been granted significant tax relief by the Internal Revenue Service (IRS). Following a disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS has extended…
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Disaster Victims in 9 States have Automatic Extensions
IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1,…
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Payment Plan Options
Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them…
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Education Credits
Review the education credits before filing a federal tax return There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: Things taxpayers should know about the education tax credits The American Opportunity Tax Credit is: The Lifetime Learning Credit…
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Happy April Fools’ Day
Just a Reminder … No April Fool Jokes or Pranks allowed at the office. Although many theories have been proposed, the exact origin of April Fools’ Day is not exactly known. A disputed association between 1 April and foolishness is in Geoffrey Chaucer’s The Canterbury Tales (1392). In the “Nun’s Priest’s Tale”, a vain cock, Chauntecleer, is tricked by…
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Interest Rates
Remain the Same for the Second Quarter of 2025 For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment…
