Nearly five years ago, I launched a home based business. Before this joyous occasion, my husband calculated our federal income taxes every year. Unfortunately, when I started my business, my husband didn’t feel confident about filling out our federal tax forms anymore. Therefore, the two of us began visiting a friendly accounting firm near us. Two lifelong friends ran this expert establishment. These knowledgeable accountants worked hard to get our taxes filed right the first time. On this blog, I hope you will discover the numerous benefits of hiring a tax professional to prepare your federal income taxes each year. Enjoy!
Posted on: 2 May 2019
You file your taxes, the return is accepted, and you even receive your refund in the mail — tax season was a success, right? The answer to this question is not always yes. The reality is that the IRS does have a legal right to audit your tax returns, even after a return is completed. While the general audit guideline is three-years, in certain situations, the IRS can request an audit beyond this timeframe.
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Posted on: 13 February 2019
Many Americans have discovered that their 2018 income taxes were vastly different than their 2017 taxes — often resulting in significantly lower refunds or even amounts due. If this happened to you, what should you do to ensure that 2019 isn't a repeat? Here are a few steps to take.
Consider a Pass-Through Entity. Pass-through entities are small business ventures that don't file separate taxes from the owners. They generally include LLCs, sole proprietorships, and partnerships.
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Posted on: 20 October 2018
Most individuals fill out a 1040 tax form. This tax form is the general tax form that most individuals use for filling out taxes. Although this is one of the easier tax forms to fill out, it still requires a lot of information and attention to detail be used while filling out the form.
Start with Personal Information
At the top of the tax form, you just need to provide your basic personal information, such as your name, address, and social security number.
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Posted on: 27 September 2018
If you fall into the low income bracket this tax year, there are a few things that you can do to ensure that you reduce your tax burden and maximize your return come tax time.
#1 Contribute to Your Retirement Fund
If at all possible, try to contribute to your retirement fund. You will get a tax credit for contributing to your retirement fund. This tax credit is larger if you are in a lower income bracket than if you are in a higher income bracket.
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