If you have multiple sources of income, filing your taxes can seem like a daunting task. However, with some planning and organization, it can be done easily. Here’s how to file your taxes if you have multiple sources of income: Gather Your Documents Before you start filing your taxes, ensure you have all the necessary … Read more
If you’re eligible for a tax refund, knowing how to claim it is important. Here’s what you need to do: File Your Tax Return The first step to claiming a tax refund is to file your tax return. Ensure you include all the necessary information, such as your income, deductions, and credits. Check The Status … Read more
As a taxpayer, filing your taxes on time is important to avoid penalties and interest. If you miss the deadline for filing your taxes, you may be subject to a fine from the IRS. So, what is the penalty for filing taxes late? The penalty for filing taxes late is typically 5% of the unpaid … Read more
Tax deadlines can be confusing, especially for different types of taxpayers. Here’s a breakdown of the tax deadlines for different types of taxpayers: Individual Taxpayers The tax deadline for individual taxpayers is usually April 15th. However, due to the 15th falling on the weekend and Monday, April 17th being the D.C. Emancipation Day holiday, the … Read more
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