Category Archives: General Filing
It’s April 15th and you just realized you forgot to file your tax return. Now what? Well. For starters, you should file your return as soon as possible. The less late it is, the better, as you’ll incur less penalties and interest if you owe taxes. It really depends on how much you owe, as […]
— Read moreNow that you’ve got yourself a pretty sizeable refund from the IRS, you should consider what that actually means and how you should use your newfound cash. Basically, what just happened is you lent the federal government money for a year, without interest, and the money you are getting is really just your own. You’ve […]
— Read moreIf life gets in the way, and you find yourself filing your tax return at the last minute, you should be extra sure you have everything correct and complete the process as timely as possible. Follow these steps if you find yourself filing on April 15th. File an Extension You can apply for an extension […]
— Read moreAre you one of the unfortunate Americans who aren’t getting a tax refund, but instead have to pay? The IRS has many options for how to pay your taxes, and you may not be sure which the best is. First, figure out what works and what doesn’t with each method, and how it applies to […]
— Read moreThe one piece of advice from tax preparers and financial advisors that’s relatively consistent is that you should always keep receipts to document your expenses. While that is certainly true, it’s not necessarily a deal-breaker when it comes to claiming expenses at tax time. That’s because of the outcome of a famous court case, Cohan […]
— Read moreWage Base The wage base changes every year, and is the income level at which the full tax rate of 15.30% will apply to withhold Social Security and Medicare taxes. In 2015, the 15.30% rate (a combination paid by employers and employees) is applicable to the first $118,500 of income or self-employment earnings. After that, […]
— Read moreA traditional IRA is an account for retirement savings that can proved favorable at tax time. If your work doesn’t offer a retirement plan, or your income is below a specific threshold, then money contributed to a traditional IRA can be deducted at tax time. For 2015, the maximum amount of contributions for the year […]
— Read moreMany seniors receive Social Security benefits as part of their income, however whether or not those benefits are taxable is reliant on any other benefits or income received throughout the year. Monthly retirement, survivor, and disability benefits are all included in Social Security income, although supplemental security income (SSI) benefits are non-taxable and therefore not […]
— Read moreThis tax season, you may receive a new statement that you aren’t entirely familiar with. With the implementation of the Affordable Care Act last year, taxpayers who bought their health insurance through the Marketplace will receive Form 1095-A, Health Insurance Marketplace Statement. The IRS does not supply the form to you, but instead you will […]
— Read moreMost taxpayers get their W-2 forms from their employers by the end of January. Form W-2, Wage and Tax Statement documents the amount of taxes that have been withheld throughout the year, and state the total amount of income earned. You need this form to file your tax return correctly. If you don’t have this […]
— Read more
