Do I have to file is a question many taxpayers ask during this time of year. But the question is more complicated than you’d think. To fully understand, consider that there are times when individuals are REQUIRED to file a tax return. And then there are times when it is to the individuals’ BENEFIT to file a return – …
Divorced, Separated, Married Or Widowed This Year? Here Are a Few Life Events That Affect Taxes.
Taxpayers are frequently surprised when their filing status changes due to a life event such as marriage, divorce, separation or the death of a spouse. These occasions bring on a host of emotions, but the last thing most people think about are the tax ramifications. But tax complications are real, and can be complex. Here …
Scammers Are Clever, Don’t Be Duped.
You may think we harp on you a lot about protecting yourself against identity theft and tax scams. You are right…! But we do it because having your identity stolen becomes a financial nightmare, sometimes taking years to straighten out. Identity thieves, aka scammers, are clever and relentless. They are always coming up with new …
Congress Passes Last Minute Tax Changes
Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020. In addition, they’ve passed extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is long, so we included only …
How Can I Prove Financial Hardship To The IRS If I Can’t Pay My Taxes?
As tax season draws near, you may be concerned that you can’t pay your tax bill. Remember, you have until April 15 to pay your tax bill in full once you learn how much you owe. If your financial situation is more dire than that, you have some time to explore your options. There are …
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January 2020 Individual Due Dates
January 2: Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10: Report Tips to Employer If you are an employee who works for tips …
January 2020 Tax Due Dates for Business
January 15 – Employer’s Monthly Deposit Due – If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit for Social Security, Medicare and withheld income tax for December 2019. This is also the due date for the non-payroll withholding deposit for December …
Understanding Tax Lingo – A Primer For Beginners
Understanding tax lingo certainly helps when discussing taxes, reading tax related articles or interpreting instructions on your tax return. To fully grasp the meaning of what is being said, it helps to know what the basic acronyms and words being used by tax professionals are. It can be difficult to understand tax strategies if you …
Repairing Your Business’s Bad Credit Score
The creditworthiness of your business is measured by its credit score. This number is issued by Dun & Bradstreet, Experian, Equifax, and FICO SBSS, and is an essential reflection of your company’s payment reliability and timeliness. Why is Your Business Credit Score Important? Your company’s overall financial health is of key importance to any lenders, …
