Tips and information.
Below are some basic tips to help assist in planning and completing your personal and business financial matters.
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The Tax Organizer is a simple form that is easy to fill out and will provide all of the necessary information to prepare your taxes. If you can’t meet the April 15 deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.
We provide IRS form assistance, including which forms to use and fill out, what schedules to include, and provide all of the necessary guidance for information needed to prepare your taxes.
Be certain to make sure you have all the records you need, including W-2s and 1099s. Take your time don’t rush when filling out forms. Rushing can mean making a mistake — and that can be expensive! Double check your math – this is the most common error on tax returns. Taking care on this reduces your chances of hearing from the IRS. Also consider using e-filing with direct deposit, it gets you a refund in half the time as paper filing.
We provide tips for individuals that range from tax incentives for higher education, car donations, filing extensions, charitable contributions and more.
Tax codes provide a variety of tax incentives for families and individuals. When preparing to file your tax returns, don’t forget your contributions to charitable organizations or income credits that you could claim, therefore paying less federal tax, or perhaps pay no tax, or even get a tax refund.
We can assist with tips for business owners that range from start up costs, business eligibility, deductibles, payment options and more.
Have you just started a new business? Do you run an existing business? Let us help you with some of the questions you may have. Your business may have become eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS.
There is lot to consider in your finances including capital gains and losses, IRA contributions, deducting mortgage interest and more. We have some generally recognized financial planning tools that may help you reduce your tax bill.
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. The IRS says when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property.
