Did you know that there is now a new, simplified tax form for those who are already 65 or older; or for those who may turn 65 this year? Known as the 1040SR, it’s provided for in section 41106 of the Bipartisan Budget Act of 2018, or BBA, a two-year budget agreement passed by Congress and signed by the President in February of last year. In fact, there were several… Read More
How To Make Life Easier For Your Tax Preparer
Your chosen tax preparer is of course being paid to help you with your taxes, but it’s in the interests of both parties to try and make the process as simple as possible. You are doubtless paying your preparer by the hour, so the easier their job is, the less time it’ll take them, and if your tax preparer is getting bogged down trawling through your receipts or income documents,… Read More
What Happens If You Can’t Pay The Taxes You Owe?
Maybe you’ve just completed your latest tax return and discover that you can’t afford to pay it? What should you do? What will happen next? Might you be arrested and thrown in jail? While these are legitimate concerns, there are things that you can do to limit the repercussions and prevent yourself from getting into a spot of bother with the IRS: Be sure to file your return before the… Read More
The IRS And TheTax Code In A Nutshell
When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are responsible for implementing them and helping to explain… Read More
Your Small Business Really Does Need A Bookkeeper
Most small businesses trying to manage without a bookkeeper will struggle, irrespective of how much they may enjoy that aspect of running a business, or even how proficient they believe themselves to be at it. The simple fact of the matter is that good bookkeeping requires time, patience and more time! Some busy business owners may be prepared to dedicate a good portion of their day to tackling bookkeeping matters,… Read More
Important Calendar Dates Your Tax Pro Can Help You With
For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year: January 31st – 1099 mailing deadline 1099 forms for contractors, need to be in the mail by the end of January, and must be postmarked or electronically filed by this date to avoid penalties. January 31t – W-2 mailing… Read More