What You Don’t Know About Independent Contractor Taxes Can Hurt You
When it comes to paying taxes, working for yourself (as opposed to working as an hourly or salaried employee for a company) can be a bit tricky. When you’re hired as an employee, you fill out a W-4 form (which is also known as the Employee’s Withholding Allowance Certificate) and the information you provide on […]
How to prepare for quarterly taxes
Are you a sole proprietor, freelancer, or independent contractor? If so, you should be making quarterly tax payments. If you’ve never done this before, don’t fret. We’ve compiled several FAQs that you can use to get yourself started. Why the IRS wants you to pay throughout the year Can you wait until the traditional tax […]
Two more IRS scams you should be aware of
Roughly 800,000 internet financial crimes were reported to the Federal Bureau of Investigations (FBI) last year, and this year, scams are just as prevalent. Last month, we noted that millions of Americans have fallen victim to IRS Social Security Number scams (where someone calls and claims your SSN has been suspended or discontinued due to […]
Don’t Forget to Bring These Things to Your Next Tax Appointment
When it comes time to file your taxes, you’ll want to be prepared. As we’ve noted many times in the past, showing up at your CPA’s doorstep with a shoebox full of receipts is good– but tallying them (and organizing them) in advance is much better. Although the 2020 tax filing deadline was May 15 […]
What Happens if You Miss a Tax Filing Deadline?
Life can be hectic—and if you’ve found yourself in a place where you’re going to meet the federal tax filing deadline you may be wondering how you’ll be impacted. For this blog post we wanted to discuss some of the things that could happen if you file late. First things first: File for an extension […]
Benefits of Having a Professional Prepare Your Tax Return
Lots of people wonder if they’re capable of filing their own taxes, however, not using an accountant or CPA firm could cause you to leave money on the table. No one, we repeat, no one wants to pay a higher tax rate than what’s required by law. For this post we wanted to discuss some […]
Top 2 Mistakes People Make When They Prepare Their Own Taxes
Tax filing season is underway and if you’re among the millions of Americans who have yet to file, you may be weighing the pros and cons of hiring a tax return service. And while yes, there is an up-front cost associated with hiring a tax or CPA firm, not working with a professional could cost […]
Everything You’ll Need for a Successful Tax Appointment
If you’re among the millions of Americans who still haven’t filed their taxes, you should start by making sure you have your documents in order. Not only will this ensure your tax appointment goes smoothly, it will ensure you get the deductions that you’re entitled to. For this blog post we wanted to highlight the […]
What is a Tax Extension?
If you’re unable to file your taxes by this year’s May 17 deadline, the Internal Revenue Service (IRS) allows taxpayers to file for an extension. An extension allows individuals and businesses six additional months to file their return. However, just because the IRS allows you to file your taxes up to six months later, this […]
The Downfalls of Filing Your Own Taxes
Tax season is officially here—and if you’ve put off filing your taxes until the last minute, you may be wondering if you should file them yourself. However, we should warn you that while preparing your own taxes can save you some money on the front end, it could cost you far more on the back […]