Whether you are expecting a nice tax refund or preparing to write a big scary check, you know that April 15 is the annual tax filing deadline. What you may not know, however, is that Tax Day is every day at the IRS, and the tax agency is always reviewing the information taxpayers and business owners have provided.
That means that keeping tax records is about more than just smart bookkeeping — it is an integral form of self-protection. …
Tax returns can be complicated and tricky to understand. Even for a professional, it can be surprisingly difficult to get every number and detail right.
Often, you only notice the mistakes when you take a casual look at your return days after you submit it online or drop it in the mailbox. Or worse, the IRS sends you a letter telling you something is off.
So, is there anything that you can do after your return is in?
If you took on a side hustle last year to make ends meet and earn some extra cash, you may have found a surprise when you filed your taxes. If you did not prepare carefully, you probably ended up with a big tax bill for your troubles, possibly with penalties and interest added on.
Given the unpleasant surprises of the past, you may be resigned to a life of higher taxes, all courtesy of the very side hustle you thought would help you gain financial freedom. …
Proper tax planning is a year-round proposition. You cannot afford to wait until April to start planning your taxes and assessing your tax liability.
Knowing which factors can raise your taxes is one of the best ways to keep more money in your pocket. These five factors can unexpectedly raise your taxes owed at the end of the year.
Note: If you owe back taxes, our firm can help negotiate with the IRS and potentially settle your tax debt. Call us today. Our tax resolution specialists can navigate the IRS maze so that you have nothing to worry about.
Being an adult has its perks, from being able to rent a car and book a hotel room to the chance to earn a living and rent an apartment. But life as an adult also comes with some challenges, including the burden of filing and paying taxes.
If this year is the first time you will be filing a tax return, it is important to plan ahead. Mistakes are common among first-time filers, and those blunders could delay a much-anticipated refund or even trigger an audit from the IRS.
Here are 9 of the mistakes first-time filers are likely to…
If you are working as a freelancer or gig worker, you are certainly not alone. Millions of men and women are earning extra income driving for ride sharing services, designing websites for online entrepreneurs and writing for local businesses.
Some freelancers and gig workers have even said goodbye to their traditional careers, trading the security of a steady paycheck for the freedom and flexibility of gig work and freelance clients. But whether you are freelancing full time or just for extra cash, you need to keep careful records so come tax time, you can stay out of tax trouble.
Whether you gamble all the time or only once in a blue moon, you are filled with hope and excitement every time you walk through those casino doors.
If you have been gambling for even a little while, you already know that Lady Luck can be a fickle partner. Sometimes the gods of the casino smile upon you, and other times they turn their back. So, when you finally hit the jackpot, you are overjoyed and brimming with excitement…
At least until you consider the tax consequences of your good fortune.
Every time you walk through the doors of the…
A lot of our clients that come to us with back tax problems are self-employed. For one reason or another, they fall behind on their taxes. With COVID-19, small businesses have been hit the hardest and despite the government stimulus bills, there are still millions of businesses teetering on the border of failure. It’s understandable that a few of them fell behind on their taxes and we’re here to help.
Being a freelancer carries a number of important benefits, from the ability to make your own hours to the freedom to work from virtually anywhere. But being your own boss also comes with some serious challenges, including how to prove your income to a skeptical mortgage lender or reporting your income accurately when filing your taxes.
Not reporting your income accurately or failing to report your income can trigger red flags and get you into trouble with the IRS. …
Self-Employment Taxes and The Common Traps To Avoid So You Don’t Owe Back Taxes
People often dream of quitting their jobs and going into business for themselves so that they can pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and tax returns that are more complex that what you initially bargained for.
If you’re self-employed, it is important to understand how taxes work so you can avoid making a mistake and owing more than your fair share of taxes.