Category Archives: General Filing
You’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: […]
— Read moreThere are many different types of retirement savings available. An individual retirement arrangement, also known as an IRA, is one type of personal savings which can be favorable at tax time. There are a few different kinds of IRA savings, including traditional and Roth IRAs. Typically, IRAs are arranged with a bank, insurance provider, or […]
— Read moreBusiness income is income that is received from the sale of products and services. Business income can include fees paid to a person for their services provided through their regular business, as well as rents received from real estate. Businesses must report all income received as property or services at the cost of the fair […]
— Read moreMany people instinctively file their tax returns, which is great, because most people are required to file. However, some people aren’t required to file, though it may be beneficial to them to do so. If you are filing a tax return, you’ll want to pay attention to some new rules taking effect this year. Use […]
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