More common accounting terms to know in 2023
In our last accountancy terms post, we discussed 9 key terms you should familiarize yourself with in 2023, covering essential aspects of Accounting Basics. For this post, we wanted to add several more to that list. Accruals: Accruals are revenues or expenses that have been incurred but not yet recorded in the financial statements. They […]
How To File an Extension on Your Tax Return?
When you file a tax extension, you are essentially asking the Internal Revenue Service (IRS) for more time to submit your tax return. However, it is important to keep in mind that a tax extension does not extend the deadline for paying any taxes owed. After filing a tax extension, there are a few things […]
Lessons Learned from the Last Filing Season- What to do Next
It’s never too soon to start thinking about next year’s filing deadline. Below are just a few of the things you’ll want to keep in mind for 2023. Next year’s tax filing deadline falls on Monday April 15 This year, the filing deadline is April 18 for most taxpayers, however, next year’s deadline falls on […]
Easy Steps on How to File a Tax Extension with Confidence
If you have hestitation regarding how to file a tax extension, by reading this article you will get rid of tention. Taxpayers throughout the US have it hammered into their heads that they have until mid-April to get their taxes filed. Perhaps you’ve been traveling internationally, you’ve had a variety of things going on in […]
Why is the tax filing deadline April 18 this year?
Most taxpayers are well-aware that the tax filing deadline is April 15, but in some years (like this year), the filing date may be delayed. For the 2023 calendar year, the filing deadline was bumped to April 18. Why is the tax filing deadline April 18 this year The filing deadline to submit 2022 tax […]
March 15th Deadline for Partnerships (Form 1065)
If you need to file form 1065, your filing deadline is fast approaching. Below are just a few of the things that the IRS wants you to keep in mind. Things to know about form 1065 The IRS notes that partnerships must file an information return to report their income, gains, losses, deductions, credits, etc. […]
How long should you keep your tax documents?
Lots of people have questions about how long they should keep their tax documents, and if you’re among the millions of taxpayers wondering how long you should keep yours, you’re not alone. According to the IRS, the length of time that you should hold onto your documents, including records that support credits or deductions, is […]
What you need to know about the IRS’ pandemic backlog
The COVID-19 pandemic not only impacted people’s lives, in some cases, it also impacted their tax returns. According to a Sept. 2021 report issued by the Treasury Inspector General, the widespread closures of tax processing centers throughout the US led to an unprecedented backlog of tax returns. “As of the week ending December 31, 2020, […]
What You Need to Know About This Year’s Tax Season
This year’s tax filing deadline is just around the corner, and the IRS wants you to be aware of some changes that are specific to this year. The filing deadline has been bumped to April 18 Although April 15 has been the historic filing deadline, this year’s deadline has been bumped to April 18 for […]
What you need to know about extended tax returns
What you need to know about extended tax returns Most people don’t know that the tax filing deadline isn’t set in stone. If you’re unable to file by April 18, you can apply for an extension. What you do need to keep in mind is that if you think that you’ll owe money to the […]