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There’s no escaping it – taxes are part of doing business. Filing a tax return for your business each year is something you must do. But, if you are afraid of making tax mistakes that could cost you time and money, read on to avoid errors that could result in overpaying your taxes, accruing penalties, or worse yet, triggering an audit. Income Misreporting Income. The IRS matches income reported on 1099s to the income reported on yo...
So, have you ever wondered what becomes a "Red Flag" for the IRS when they process your tax return? I believe we all agree, an IRS audit is among the very last things we ever want to experience. Of course, having your taxes completed by a reputable, knowledgeable tax preparer means that these Red Flags will be caught BEFORE your return is filed with the IRS. It's all in the information and maintaining the supporting documentation....
If you claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit, the timing of your refund may be affected. The Protecting Americans from Tax Hikes (PATH) Act prohibits the IRS from issuing refunds that contain these credits before February 15th. The IRS expects taxpayers to see these refunds by the first week of March, as long as there are no other issues with the returns. In addition, taxpayers with these refunda...
You may have heard of the “nanny tax”. But did you know it doesn’t just apply to nannies? The correct term of the nanny tax is actually the Household Employee tax. Did you hire someone to do some housekeeping or yard work? Do you have an elderly parent in your home who needs a caregiver during the day? These workers could be considered a household employee if they work in or around your home, you control the work that is d...
The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now, and using projections based on previous years. If your IRS income tax refund is delayed, ask your tax professional, or simply use the "Where's My Refund?" tool on the IRS website. Or download the IRS2Go app to check your refund status.IRS Accepts Between These Dates ==== > Direct Deposit Sent(Or Ch...
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As we jump into tax season each year, Ken and I no...
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