Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you.
1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to prepare accurate returns and additional information may be needed from you to complete your tax return.
What are Shareholder Loans on a Balance Sheet? The Shareholder Loans category may appear as a short term or long term liability on a Balance Sheet. Shareholder Loan is a loan by a corporation to one of its shareholders.
Being self-employed offers many advantages over being a W2 employee but it can get tricky when it comes to taxes. We’ve put together 6 tax tips for the self-employed that can benefit every freelancer, small business owner and self-employed worker out there.
Everywhere you turn the price has gone up on just about everything! However, marketing yourself and your tax expertise is so much easier and affordable today. In fact, you can market yourself on a budget of less than three hundred dollars a year when you learn from what I will teach you.
Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips.
1.Don’t Procrastinate.Resist the temptation to put off your taxes until the last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.
2.Organize Your Tax Records.Tax preparation time can be Read More
Estimate Taxes With This 1040 Tax Calculator
TaxConnections Members have many valuable resources available to clients and our site visitors. We just discovered a tool one of our members has on their site. you will gain a lot of information with the Nason Accounting 1040 Tax Calculator Read More
If you’re looking for things to do to get ready for the upcoming filing season or want to check your list against another, I have one for you. Please see “Preparing for the 2016 Filing Season,” AICPA Tax Insider, 12/17/15.
The article was written before passage of the extenders and appropriations tax package. Here is a list of links to that legislation you may find useful along with a list of some items for immediate consideration.
P.L. 114-113 (12/18/15) – H.R. 2029, Consolidated Appropriations Act 2016 – includes appropriations and other changes along with the Protecting Americans from Tax Hikes Act of 2015 (PATH), which is the extenders bill.
NOTE ON EXTENDERS: The bulk of the tax changes are in PATH, although a few, including a two year extension of Read More
As The United States Tax Code gets more complex, one would think that the number of individuals utilizing a paid preparer would be on the increase. However, that is not the case. More and more individuals are filing their own returns. I see at least two reasons for this. The individual tax return market can be viewed as consisting of two segments – very simple returns with no itemized deductions or other complications in the return and more complex returns utilizing multiple tax schedules and tax forms. As the standard deduction increases, more taxpayers are taking the standard deduction, so their tax return is fairly simple to prepare. Adding to the simplicity of the return is the second factor – availability of inexpensive or free preparation software. Since these typically guide the taxpayer in preparation, the task becomes even simpler.
However, taxpayers of all stripes should be aware of certain factors involved in filing their returns. I have provided my “Ten Best Tips for Filing your Return.” These tips can be useful for those preparing their own returns, but they can also guide the taxpayer using a CPA or other professional preparer in assembling their information for the preparer.
• File tax returns on time, even if you cannot pay now. You will be assessed a penalty and interest for failure to pay, but you will avoid the failure to file penalty. This penalty is 5% per month of the amount of taxes owed, up to 25%. If you don’t owe, there shouldn’t be a penalty. Read More
In order to assist management in tax organizations who want to develop a leading and productive tax team, a special blog series starts January 2016 and runs through March 2016. This special series will consist of 12 articles that address the challenges tax management teams will likely face in running their tax organizations. The purpose of sharing this insightful and valuable information is to ensure you never feel alone in your journey managing a tax department. In fact, you will learn there are many challenges faced in managing a tax organization that you will be able to handle with the information provided in these posts.
Why will you want to read these posts? You will learn what 30 years of experience has taught me during more than 500,000+ private conversations with tax professionals around the world. I promise to share great stories with you during these posts.
The 12 week series on Developing A Leading Tax Team in 2016 will cover:
Read More
Though the tax season is over, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS to trick you out of your money or personal information. These scams first tried to sting older Americans, newly arrived immigrants and those who speak English as a second language. The crooks have expanded their net, and now try to swindle virtually anyone. Here are several tips from the IRS to help you avoid being a victim of these scams:
• Scams use scare tactics. These aggressive and sophisticated scams try to scare people into making a false tax payment that ends up with the criminal. Many phone scams use threats to try to intimidate you so you will pay them your money. They often threaten arrest or deportation, or that they will revoke your license if you don’t pay. They may also Read More
Taxpayers with disabilities may qualify for a number of tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are several tax credits and other benefits that are available if you or someone else listed on your federal tax return is disabled.
1. Increased Standard Deduction – If a tax return filer and/or spouse are legally blind, they are entitled to a higher standard deduction on their tax return.
2. Exclusions from Gross Income – Certain disability-related payments, Veterans Administration disability benefits, and Supplemental Security Income are excluded from gross income. Read More
Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer.
1. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an adequate amount of taxes to cover their total income tax liability. If you have any questions about whether your child’s withholding is correct, please call our office.
2. Whether your child is working as a waiter or a camp counselor, he or she may receive tips as part of their summer income. All tip income is taxable and is therefore, subject to Read More
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