This year the IRS moved the deadline for filing the 2020 federal income tax returns from April 15 to May 17, 2021. This change comes after lawmakers, tax professionals, and others put intense pressure on the agency to "help taxpayers navigate the unusual circumstances related to the pandemic" by giving them more time to file their 2020 federal income tax returns. The IRS issued Notice 2021-21 with … [Read more...]
Tax Season is over, but it’s Never too Early to Prepare for Next Year
The typical mad rush of tax filers inputting data and struggling to find all the necessary details to file their taxes before the midnight deadline is finally over. Phew! We made it. While we’re all breathing a sigh of relief that tax season is wrapped and in the books, the reality is that now is actually the perfect time to start preparing for next year.NO! You might be screaming inside your … [Read more...]
Filing a Tax Extension May be a Smart Move for Your Business
10 million personal filers and 5 million business owners request a tax extension each year. Taking an additional 6 months to complete your tax return may be a smart move. Obtaining an extension is as simple as filing IRS Form 4868. No reason needed. So why is everyone doing it? Here are 4 reasons a tax filing extension can be the right decision for your business this year. File Correctly the … [Read more...]
Tax Tips from Your Bookkeeper
Need tax tips? Every year, we help clients pull together their financial documents for their tax preparer. And every year, we see it all: from the box of receipts to the nicely filed papers, from the pulling-their-hair-out to the calm, cool, and, collected client. Here are a few tax tips to make life easier this tax season! 1) Start early. We cannot emphasize this enough. Tax Day is usually the … [Read more...]
Form 1099 – Don’t Get Caught Making These Mistakes
Once upon a time, there was a college student who worked part-time while attending school. As the new year rolled around, she sat down to file her taxes. She used the standard Form 1040EZ like she always did. But this year, she had received a Form 1099-MISC from the school for a project she had done with the student body association. Not finding anyplace on the 1040EZ form for this information, … [Read more...]