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Updated July 12, 2020 One in five U.S. taxpayers could owe the IRS money this year. If you can’t pay on the 15th, take a deep breath — there are things you can do. Even if you can’t afford to pay your taxes, it is imperative that you still file a timely return and make arrangements to pay what you owe. Failing to do so will result in penalties and interest. However, don’t panic. You should contact the IRS to discuss your payment...
According to the IRS, tax season is again off to a slow start. Over the past five years taxpayers have not been in a rush to file as early as possible. During the 2016 filing season, 38.7 million returns were filed through the first week of February. The number of returns filed this year during this time period – only 28.6 million. A recent survey showed that the majority of taxpayers are still confused over the changes that were impl...
Running a business and feeling overwhelmed? You might answer, “What is it like NOT to feel overwhelmed?” As a business owner, even at the end of the day, it’s hard not to keep on thinking of all the things you didn’t get done or have on your schedule for the next day. For us @ Century Accounting, tax season can very much be overwhelming. But, as we have always said to our clients, “Every business has a tax season.” I...
Updated July 12, 2020 Filing taxes 101: Common errors taxpayers should avoid Taxpayers should be reminded that E-Filing your return reduces errors. The tax software does the math and flags common errors and prompts taxpayers for missing items. Here are the top 8 tax mistakes to avoid: Missing or inaccurate Social Security numbers. Misspelled names. Incorrect filing status. Math mistakes. Errors in figuring credits or deductions. Incorr...
Filing your federal income taxes with a traditional paper return may still be possible. But it's old school, not to mention time consuming, and you'll be waiting for weeks to get your refund. E-filing is faster and more accurate, and it can provide much quicker access to your tax refund money than filing a paper return. There are four key benefits to E-filing your return. Confirmation: The IRS will confirm a tax filing has been receive...
It has been cold lately. The kind of cold where al...
Ken and I went to see Chicago the musical last wee...
As we jump into tax season each year, Ken and I no...
If you purchased a new vehicle recently — or are...
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