Category Archives: General Filing
Do you owe taxes but are having a hard time paying the IRS? Are you unable to pay anything at all? If so, you have two options: request a temporary delay in collections, or apply for an Offer in Compromise. However, these options are only available if: There is reason to believe the amount you […]
— Read moreNo one enjoys paying taxes, however the fact that you’re entire salary isn’t taxed by the federal government should make it a little bit easier to swallow. During tax time, you’re required to report your entire income, but the IRS deducts certain amounts, like education costs and retirement plan contributions, before determined the amount of […]
— Read moreLooking for someone to help prepare your taxes? It’ll cost you – $246 on average. According to the National Society of Accountants, that’s the median expense for having your Form 1040, accompanied with a Schedule A and your state tax return, prepared for you by a tax professional. If you opt for the standard deduction […]
— Read moreYou’re probably focused on soaking up the last of the summer sun more than you are on your taxes. However, you can use the end of summer to get organized and ahead for the upcoming tax season. Summer isn’t a busy season for tax advisers, so you should tax advantage of the less traffic. By […]
— Read moreWhether you freelance, own your own business as a sole proprietor, or are an independent contractor, you are likely considered self-employed. Self-employment income has certain tax requirements that you need to be aware of when it’s time to file your federal income tax return. Be aware of the following six pieces of advice from the […]
— Read moreThere are certain taxpayers who, depending on their income, may owe an Additional Medicare Tax. If this applies to you, it’s important to be aware of certain facts to make tax time simpler. The Additional Medicare Tax rate is 9%. The tax is assessed when your income exceeds a specified threshold. Medicare wages, self-employment income, […]
— Read moreFiling your tax return doesn’t have to be stressful. Many people worry about making a mistake when filing, and surprisingly, mistakes do happen. It’s not the end of your tax world. It does mean that the IRS may take longer in processing your return, leading to a delay in your refund. Mistakes are less common […]
— Read moreContrary to popular belief and what is often portrayed in movies, the IRS isn’t always the bad guy. If you aren’t able to pay the full amount you owe in taxes, the IRS will make arrangements to make repayment easier. Though you should be aware that back taxes or past due amounts will reduce your […]
— Read moreYou’re probably not thinking about filing next year’s taxes already, but if you start organizing your documents now, you can avoid a lot of stress and headaches when the next season comes. Tax preparation doesn’t begin on January 1st, but is instead a year-round activity that can make filing your taxes a breeze when it […]
— Read moreAs an employee of another company or business, you may qualify to deduct any expenses you paid out of pocket. Generally, you will have to itemize your deductions using a Schedule A, Itemized Deductions in order to claim allowable expenses. Follow these five tips to maximize your deduction and avoid delays in processing your return: […]
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