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
Nobody wants to go through an audit when filing their taxes. While audits are rare, there are steps you can take to reduce your chances of being audited. Here are some tips to help you avoid an audit when filing your taxes: Keep Accurate Record One of the best ways to avoid an audit is … Read more
If you owe money to the IRS, dealing with tax debt can be overwhelming and stressful. But you don’t have to handle it alone. Here are some ways to get help with your tax debt: Set Up A Payment Plan The IRS offers several payment plan options to taxpayers who owe money but can’t pay … Read more
As a small business owner, taking advantage of every opportunity to reduce your tax liability is important. One way to do this is by claiming tax deductions for your business expenses. Here are some of the most common tax deductions you can claim for your small business: Home office expenses If you work from home, … Read more
If you’re self-employed, you are responsible for paying your taxes and filing your tax return. This can be daunting, especially if you’re new to running your own business. But with some knowledge and preparation, you can successfully file your taxes as a self-employed individual. Step 1: Gather Your Information The first step to filing your … Read more