Key Documents to Bring to Your Tax Appointment
Tax season is coming up fast—and if you plan on working with a Certified Public Accountant, you’ll want to start preparing now. Below are just a few of the things you’ll need to bring to your appointment. Personal information When you meet with your tax professional, you’ll need to have a Photo ID, social security […]
IRS warns about scams involving fake charities
In our last blog post we talked about the tax benefits of maximizing your charitable giving before the end of the year. However, if you plan on donating cash, non-cash assets, or property, such as cars or real estate, you’ll want to make sure it’s going to a reputable organization. According to a recent press release, […]
Benefits of year-end charitable planning
Despite the global pandemic, charitable giving is at an all-time high. For example, data from Giving USA estimates that US-based donors gave a whopping $471.44 billion (yes, that’s a billion with a “B”) in 2020. Although the 2021 numbers are not yet out, it’s believed that this year’s donation levels could be similar. If you’re […]
Benefits of year-end tax planning
If you haven’t started thinking about your 2021 taxes, now is the time to do it. Yes, the tax filing deadline may still be months away, but if you don’t start planning now, you could wind up leaving money on the table. Let us explain. You’ll want to maximize contributions to your retirement accounts December […]
Key benefits of tax planning
Tax season is still months away, but that’s not to say there aren’t numerous benefits associated with meeting with a CPA to start tax planning. Taxes can eat up an enormous chuck of your annual income, and if you’re not taking advantage of legitimate, legal ways to reduce your tax liability, your end-of-year tax bill […]
When should I start planning for my 2021 taxes?
The 2021 tax filing season might still be months away, but that’s not to say you shouldn’t start prepping now. From saving receipts, maximizing your retirement account contributions, and if you’re self-employed or working as an independent contractor—remembering to pay your quarterly taxes- there are lots of things you should be doing much sooner than […]
What is an Extended Tax Return?
Most people will file their 2021 taxes by the April 15 deadline, but what happens if you’re unable to file on time? Is there anything you can do to keep yourself in good standing with the IRS? The answer is yes. If you or someone you know needs additional time to file a federal tax […]
Can I amend my own tax return?
If you’ve learned that one or more of your prior tax returns contains errors, you’ll likely need to file an amended tax return. An amended tax return is something you’ll file with the IRS, and once filed, the amended return will fix prior errors. If you (or your accountant) make another mistake on your amended […]
What is an amended tax return?
Filing a tax return can be tricky, especially if you’re trying to prepare the form yourself. Filing your own taxes can be especially difficult if you’re a small business owner, you’re claiming lots of deductions, or you’re trying to account for certain carryover deductions, such as losses, charitable contributions, or various types of tax credits. […]
How to Plan for Next Year’s Taxes
Tax filing season may still be months away, but that’s not to say you shouldn’t start prepping now. Below are just a few of the steps you can take to ensure you’re ready. Make sure your withholdings are correct The IRS recommends taxpayers use their online Tax Withholding Estimator to help determine whether the correct […]