If you’re self-employed or receive income that isn’t subject to withholding, you may need to pay estimated taxes to the IRS. Estimated taxes are payments made throughout the year to cover your tax liability, rather than waiting until the end of the year to pay in one lump sum. But how do you know if … Read more
When it comes to tax preparation and accounting, there are two main types of professionals: tax preparers and tax accountants. While they both deal with taxes, there are some key differences between the two. Tax Preparers: Tax preparers are individuals who specialize in preparing tax returns for individuals and businesses. They are not required to … Read more
Tax season is upon us, and many taxpayers are wondering when the deadline is for filing their taxes this year. The deadline for filing taxes varies depending on your situation, so it’s important to know the deadlines that apply to you. Individuals For individual taxpayers, the deadline for filing taxes this year is April 18, … Read more
Tax season is a prime time for scammers looking to steal your personal and financial information. It’s important to be aware of common tax scams and know how to protect yourself. Here are some common tax scams to watch out for: Phishing Scams Scammers may send emails or make phone calls pretending to be the … Read more
As a tax professional, I often get asked what happens if someone doesn’t file their taxes on time. It’s an important question and one that can have serious consequences. In this article, we’ll look at the potential penalties and fees that can come from not filing your taxes on time. Penalties And Interest First and … Read more
Tax season can be a stressful time for many people, but it doesn’t have to be. Preparing throughout the year can make tax season much smoother and stress-free. Here are some tips for preparing for tax season throughout the year: Keep Accurate Records Keeping accurate records of your income and expenses throughout the year will … Read more
You may qualify for the Earned Income Tax Credit (EITC) if you’re a low to moderate income taxpayer. This credit is designed to provide financial assistance to those who work but have a lower income, potentially resulting in a refund even if no tax was withheld or owed. But How Do You Know If You … Read more
Filing your taxes can be a stressful experience, but it doesn’t have to be. By avoiding some of the most common mistakes, people make when filing their taxes, you can streamline the process and ensure you are submitting an accurate and complete return. Here are some of the most common mistakes to avoid: Filing Late … Read more
As tax season approaches, knowing what deductions you can claim on your taxes is important to lower your tax liability. Here are some of the most common deductions you can claim on your taxes this year: Charitable Contributions If you donated to charitable organizations during the year, you could claim a deduction for those contributions … Read more
Filing your taxes can seem overwhelming, especially if you’re unsure what forms to file. Here’s a breakdown of the most common forms you’ll need to file your taxes: Form W-2 If you’re an employee, your employer will provide you with a Form W-2, which reports your wages, tips, and other compensation. You’ll need this form … Read more