Preparing and filing your personal income tax return can be overwhelming, especially for individuals and small business owners. The good news is that this process can become smoother and more efficient with the right information and planning. With this article, we aim to provide you with the essential items needed to prepare your tax return, [...]
Most people understand that they need to pay taxes to the government, but many are unaware of the IRS gift tax. The IRS imposes a gift tax on certain transfers of property that involve no exchange of value, such as giving money or assets to someone without receiving anything in return. Understanding the gift tax [...]
Tax time is often stressful and you want to take all of the deductions to which you are entitled. Many of these are connected to work. For example, if you use your car for work, gas, oil, and mileage can be deducted. People who work from home and have a room dedicated as an office [...]
The IRS’s turnaround time for processing taxes has become much quicker over the years, with many taxpayers receiving their refunds within three weeks. While most tax returns are processed in the first few weeks after they have been filed, there are several reasons a refund might be delayed. 1. The Tax Return Was Incomplete One [...]
April 15 is traditionally known as Tax Day, but many people don't manage to submit their forms by then. If you found yourself procrastinating beyond that date and still have not filed a tax return or extension request, don't despair. Here is what you should know about filing your taxes beyond the deadline. Special Deadline [...]
Having your Form W-2 is an essential part of being able to file taxes. That’s why every employer who you worked for over the previous tax year is required to send you a W-2 by January 31st. Those still waiting for their W-2s may be feeling anxious, but there are steps you can take to [...]
While you may have access to free or low-cost software that handles your taxes, you may overlook something that could cost you more than you realize. Before inputting a few numbers and answering several questions to file your taxes next year, check out the following top 3 reasons to hire an accountant to look over [...]
There are many reasons why the IRS may mail you a letter - oftentimes people jump to conclusions and think the worst. After all, receiving a letter or notice in the mail from the IRS is enough to upset anyone, as it can be scary to think you have done something that might threaten your [...]
So many people have questions this year regarding tax returns - both personal and business alike, and it should come to no surprise, given the many challenges that the pandemic has brought on. Let’s be honest, filing taxes in general can give anyone a headache, but submitting pertinent information for your 2020 taxes can raise [...]
Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax. [...]
