Many of my clients are calling asking when their taxes are due. As of March 18, the IRS posted that tax returns are still due on April 15. They have however delayed the payment due date to July 15 for many taxpayers. Read more at https://www.irs.gov/coronavirus and https://home.treasury.gov/news/press-releases/sm948. The IRS is allowing individual taxpayers to defer up to $1 million of federal income tax payments until July 15, 2020. They are also allowing corporations to defer payments … [Read more...]
Extended Tax Deadline
The extended tax deadline for individuals is quickly approaching. The deadline is October 15. I thought this would be a good time to remind you (if you have not filed yet) items that you will need in order to have your tax return prepared. I typically run into clients missing the easy items at this point. Some of my clients get so involved in working to get their business or rental information together that they forget to include all or part of the tax forms they were sent in January. These … [Read more...]
Marriage and Taxes
Marriage and taxes, most people don't think of the two terms together, but marriage can make a significant change to your tax return. I've reviewed and worked on several returns for individuals that have always prepared their returns as single and didn't realize that by getting married they are required to file their taxes differently. This holds true no matter which day you are married, if you are married as of December 31st of the year then you would file your tax return as … [Read more...]
Thanks for the support!
I have some great clients, friends, and family that have been a tremendous help and support through the start of this business, and I wanted to take the time to say THANKS FOR THE SUPPORT! I feel truly blessed that I have so many people interested in helping and working together to make this company a success. I, as many business owners do, started out with an estimate of the kind of response I wanted for the first year. With that expectation, I knew I would need to work hard. So, I attended … [Read more...]
Are taxes stressing you out?
Are taxes stressing you out? Trust me the accountants feel it, too. While yes we know the tax laws and the forms or know how to find the answers to tax questions, there is a different stress that is there for the accountants. This is the final two weeks and this is the busiest time of tax season for many of us. We have had several returns come in during the past week with taxpayers realizing how close the deadline is and that they still need to get stuff to the accountant. In addition there are … [Read more...]
Tax Refund for 2011 Returns
Tax Refund for 2011 returns must be claimed by April 15th. If you have not or know somebody who has not filed a tax return for 2011, it would be a good time to do so. If you have W-2 income more times than not, you will receive a tax refund because of the withholding on those wages; yet there are many people each year who do not file their returns thinking there is no reason to or thinking they will owe. The IRS says that many of the non-filers are part-time workers or students. The IRS … [Read more...]
Tax Reminders for 2014 Tax Return
Here are a few tax reminders for 2014 tax returns, if you haven't already filed yours. This tax filing season brings new items that all accountants are dealing with. There are health care regulations that we have all been discussing for the past couple of years, but there are also tangible property regulations that went into effect that is a high priority for accountants this year. With that in mind I thought I would give you a few tax reminders for 2014 tax returns to help with questions to … [Read more...]
Tax and Accounting Services
With this post I wanted to take a step back and give you an idea of why I started my own practice, what my goals are, and what tax and accounting services I am offering. When I started college it was always my intent to own my own accounting practice, but at 18 I didn't realize — until I started working in the accounting field — just how much knowledge and experience was needed in order to get to this point. I have worked in both public and private accounting since earning my degree. I passed … [Read more...]
Organize Your Tax Information
The way you organize your tax information can be extremely beneficial. It helps your tax preparer, makes the whole process run more quickly, and can mean you receive your return sooner. Keep in mind some of the items listed below may not affect you or your tax return, however if you see something that you have, but has not been a part of your tax return in the past, you should discuss it with your preparer. If you receive an organizer from your preparer make sure to sign the engagement … [Read more...]
Tax Forms to Gather Now
It's time to get to work collecting tax forms! As you know your accountant will be needing all the information coming in the mail saying "tax documentation." There are the basic tax forms the W-2s for employees, 1099s for those that are or have been self employed during the year, 1099s or K-1s for investment income, and 1098s for mortgage interest. In addition to those tax forms don't forget your personal property and real estate tax receipts these are used to help you get more deductions. … [Read more...]
