How to Pay Your Taxes Online
No need to find your checkbook to pay taxes this year. The IRS and U.S. Treasury has begun a transition to electronic payments, as required by Executive Order 14247, Modernizing Payments To and From America’s Bank Account. We’ve outlined the steps below that you’ll need to take to pay your taxes online. Click the links…
Internal Revenue Service Shifts to Digital Refunds and Payments
No need to find your checkbook to pay taxes this year. The IRS and U.S. Treasury has begun a transition to electronic payments, as required by Executive Order 14247, Modernizing Payments To and From America’s Bank Account. This change represents a major step in a broader federal initiative to transition all eligible payments to secure…
What You Need to Know: Beneficial Ownership Information Reporting
In 2021, Congress passed the Corporate Transparency Act, developing a new beneficial ownership information reporting requirement effective January 1, 2024. This new law is designed to create transparency around business ownership in an effort to prevent bad actors from committing illegal activities – like money laundering, tax fraud, etc. – behind shell companies or other…
Issuing 1099s: What You Need to Know
The Internal Revenue Service requires that Form 1099s are issued by January 31. This means that you can’t wait until tax time to determine if you need to be issuing these important documents. What Is a 1099? A Form 1099 refers to one in a series of IRS tax forms used to document income other…
Small Business Expense Tracking
Congratulations! You’ve started working for yourself. Whether you are now the owner of a small business or have just started a new side hustle, expense tracking is key to your tax preparation success. Expenses detract from your taxable income, providing an accurate picture of what you actually took home. How Do I Track Expenses? As…
When to File a Tax Extension
Did tax season sneak up on you? Were you delayed in receiving documents through the mail? We can relate. The pages on the calendar seem to turn faster and faster. The deadline for filing federal income taxes is Monday, April 18, 2022. However, if you’re still gathering your documentation, you may need to file an…
Do I Have to Pay Taxes on All Forms of Income?
It may surprise you that the answer is no. Tax Code Section 61 indicates that “gross income means all income from whatever source derived” unless otherwise excluded. So what is excluded? Gifts and Inheritances: Typically, property you receive as an inheritance or gift is not included in your taxable income. However, this can change if…
Tax Benefits of Logging Mileage
Driving for work can be tedious, but you may come to appreciate your car time when tax season rolls around next year. If you use your own vehicle travel from the office to a work site, from the office to a second place of business or drive for business-related errands, you can deduct your mileage. …
2022 Tax Filing Season: What You Need to Know
In an announcement sent January 10 by the Internal Revenue Service, the agency outlined a number of key points to help taxpayers know what to expect in advance of the April 18 tax deadline. We’ve cut the jargon and distilled it down to make it easy for you: The IRS will begin accepting and processing…
Is Your Retirement Account Helping Your Tax Return?
We all dream of retirement – especially on days when the alarm goes off too early. But could your retirement account be helping you with your tax return now? Things have changed since last year. Here are some things to consider before you file your 2021 tax return. Check Your Tax Credit Qualification Depending on…
Stimulus Payments for Deceased Family Members
If you received an economic stimulus payment for a deceased family member, it is unfortunately not a mixed blessing. The IRS does not permit these payments to be kept. A payment made to someone who died before receipt of the payment should be returned to the IRS following the steps outlined below. The entire payment…
Itemized Deductions vs. Standard Deduction: Which is Best for You?
If you’ve been used to tracking down every receipt for a donation to Goodwill to ensure you receive the maximum tax refund, the 2018 tax reform may have you questioning the best way to file your taxes. While your accountant will ultimately determine if you have enough deductions to be beneficial, educating yourself on the…