What do I need to keep? Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from the later of the tax return filing due …
Category: Miscellaneous
Understanding Tax Terms: Basis
Covering the bases on basis Tip Category: Miscellaneous Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis as: The amount of your …
Clues You are About to be Scammed
Tip Category: Miscellaneous Mention the word IRS and everyone's blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam. Every year the IRS mentions their dirty dozen tax scams and repeatedly tries to keep us all …
It’s Tax Time! Don’t Forget 1st Quarter Estimated Payments.
Now is the time to pay your taxes AND make your estimated tax payment. Tip Category: Miscellaneous Both your individual tax return AND first quarter estimated tax payment are due. Here is what you need to know. First quarter due date: Monday, April 15, 2024 The estimated tax payment rule You are required to withhold or …
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Anticipating your Refund
What you should know Tip Category: Miscellaneous If you e-file your tax return, you can generally expect to receive your refund within three weeks of it being accepted by the IRS. Expect four or more weeks if you mail in your tax return. But delays can happen. Refund Delays: The common culprits These are the …
Your Business Tax Return is DUE!
Time is short to file your S corporation or partnership tax return. The due date is March 15. Here's why you need to file on time. Tip Category: Miscellaneous March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing …
Common Missing Items = DELAYS
Review these common causes of filing delays Tip Category: Miscellaneous Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year's tax return, make a list of W-2s and 1099s. Then use the list to ensure they are received …
IRS Identity Theft Season Begins Now
Now is the time for tax-related identity theft. Be on alert! Tip Category: Miscellaneous Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment 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 for the 2023 tax year is now here. Due date: Tuesday, …
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Know What the IRS Knows About You
Here is how you can find out... Tip Category: Miscellaneous There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, filing past year tax returns, or simply getting a copy of tax records for your files. A great place …
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