Category Archives: Tax Preparation

5 Reasons to E-File Your Income Tax Return Soon!

Did you know you can e-file your income tax return to save time?

Some taxpayers go the old route of filing paper tax returns. This is a great time to implement electronic filing. Since the April tax deadline is very close, this is the as good a time as any to e-File with the IRS. This blog lists 5 reasons why you should e-file your income tax return soon. Continue reading

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Six New Schedules To File With Form 1040

Forms 1040: Six New Schedules

There are six new schedules some taxpayers will file with the new 2018 IRS Form 1040. This new Form 1040 replaces the prior year Forms 1040, 1040A and 1040EZ. The 2018 IRS Form 1040 uses a cornerstone approach. This means that taxpayers only file the schedules they need with their federal tax return. The expectation is that numerous individuals will not need to file schedules, and only file the Form 1040. Continue reading

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Owe the IRS Money? 5 Things You Should Know

Do you owe the IRS money for taxes? Can you afford the tax penalty on the money you owe to the IRS?

Nothing can be more taxing than to discover you owe the IRS money. When calculating your taxes, especially when you already are struggling financially, this is stressful. The concern, of course, is where do I get the money and how long do I have to pay it? You are responsible to file your tax return on time, regardless whether you can’t pay the taxes you owe. Unfortunately, you will face a tax penalty if the money is paid late. This is just one reason why people hate tax time! Here are 5 things you should know when you owe the IRS money. Continue reading

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Tax Season Has Begun, Here’s What You Should Know

The IRS 2019 Tax Season Has Begun

The 2019 tax season has begun for taxpayers and businesses. The agency is officially accepting and processing federal tax returns for tax year 2018. Even though major tax law changes are in effect due to the Tax Cuts and Jobs Act, the IRS has been able to kick off the season without a hitch. Continue reading

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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

Wouldn’t you like to know about early year-end tax planning to take advantage of possible tax reform?

So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be put into place before the end of the year that can substantially reduce your 2017 tax bill. That would be nice.

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Do You Owe Taxes to the IRS? Can You Afford the Tax Penalty?

Did you just learn that you owe taxes to the IRS this year? Can you afford the tax penalty on the money you owe to the IRS?

Nothing can be more stressful than finding out you owe the IRS when calculating your taxes, especially when you already are struggling financially. The issue of course, is even though you can’t pay the tax, you still must file your tax return by the deadline. And, if you owe money, and you don’t have it, you will face a tax penalty. More people hate tax time because of this! Continue reading

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Childcare Providers Enjoy Special Tax Deductions

Childcare providers, did you know that the tax law provides you with special tax breaks. Daycare tax breaks are not limited to childcare providers only. They also include those who care for the disabled and eldercare providers as well. These daycare tax breaks include deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. Continue reading

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