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 …
Category: Miscellaneous
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 …
April Fools! You’ve Been Scammed.
Great tips to identify scams BEFORE they happen In honor of the traditional day of practical jokes and harmless antics, instead of chasing the hottest new tax scam, why not arm yourself with traits that will help identify even the most recent version of them. Here is what you need to know:You are a targetWhile …
Common Tax Increase Surprises – I did not owe that last year!
Avoid tax increase surprises at the filing deadline by reviewing these common causes now. Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when this year, you are required to send in a fairly big check to settle your tax …
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A Time to Organize
Get organized or pay the price when filing your taxes. This year it is more important than ever. The time to organize your tax records is now. Informational tax information is hitting your regular and digital mailboxes from now until late March. To make matters worse, this year there are economic recovery payments, unemployment benefits, …
Reminder: Fourth Quarter Estimated Taxes Now Due
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 2021 4th quarter due date is now here. Due date: Tuesday, January 18, 2022 You are required to withhold at least 90 percent of your 2021 tax obligation …
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Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …
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