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The 2017 tax filing season officially begins this week as the IRS starts accepting tax returns. There are many reasons to consider filing your tax return early. Here are some of the most common: Get your refund. There’s no reason to let the government hold your funds interest-free, so file early and get your refund […]
More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. However, when an e-filed tax return is rejected, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most rejections are caused by things such as misspellings, typos on Social Security numbers, or missing […]
As relevant tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. 2. Time to sort. Now that everything is all together, the best practice is to sort your information into the same buckets used on your tax return. At a minimum, […]
Normal due date: Friday, January 16, 2017 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 fourth quarter due date is now here. Remember you are required to withhold at least 90% of your current tax obligation […]
A child custody agreement can have serious implications on your tax filing and your taxes overall. This issue should be addressed with your attorney or with your accountant while you are going through the process of negotiating or litigating child custody or a divorce agreement. Waiting until after you have finalized a child custody agreement […]
As we begin 2017, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors. What is a 1099 MISC? Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MISC form is […]
In the rush to get tax returns prepared and filed, many people absentmindedly forget to include deductions for contributions to charities. If you itemize deductions on your tax return, this can be an expensive omission. Pursuant to relevant provisions of the tax code, you can take significant deductions if you donate money or goods to […]
If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs. The powers that be have historically written sections into the tax code promoting business activities. One of the traditional write-offs has always […]