The risk of having kids file their own tax returns There are benefits and pitfalls to having children file their own tax return. And YOU need to know them. Tip Category: Miscellaneous If you have children younger than 19 years old (or 24 if a full-time student), you should coordinate the filing of their taxes …
Category: Miscellaneous
Reasons to File Early
When it makes sense to file a tax return as soon as you can Tip Category: Miscellaneous The 2022 tax filing season officially begins when the IRS starts accepting tax returns in late January and early February. There are many reasons to consider filing your tax return as soon as the IRS begins accepting returns. …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Reminder: Q4 estimated tax payment is due Tuesday, January 17, 2023. Tip Category: Miscellaneous If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due date …
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Consider Donating Appreciated Stock & Mutual Funds
There is still time to take advantage of what many consider the best tax saving idea in the tax code. Here is what you need to know. Tip Category: Miscellaneous One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus making a cash donation. …
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Don’t Run Afoul of the IRS’s Nanny Tax
The IRS is enforcing Nanny Tax rules that regulate whether a domestic worker you pay is considered a contractor or employee. Tip Category: Miscellaneous The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. So be careful if you regularly pay a gardener, housekeeper, …
File That Tax Return!
October extension deadline fast approaching Tip Category: Miscellaneous Monday, October 17th marks the extension deadline for filing your 2021 Form 1040 tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have not filed a tax return and don't think …
Effective and Marginal Tax: Know Yours!
Understanding the difference between these two tax rates Tip Category: Miscellaneous The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This …
You Can’t Deduct that Loss
How to ensure your business is not deemed a hobby Tip Category: Miscellaneous You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small …
Understanding Tax Terms: Pass-through Entities
What everyone should know Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a flow-through entity in the eyes of the IRS. …
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It’s Tax Time! Estimated Taxes are Due. – Now is the time to file your taxes and make your estimated tax payment.
Time to make an estimated quarterly tax payment! Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know.First quarter due date: Monday, April 18, 2022The estimated tax payment ruleYou are required to withhold or prepay throughout the 2022 tax year at …
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