Tax time is not at the top of anyone’s bucket list for something enjoyable to do. But, the fact of the matter is, taxes have to be done, and on time. For a first-timer, it may seem a bit overwhelming to tackle this on your own. Once you understand the basics though, you’ll quickly discover that you can do your own tax without much effort. View full post…
If you’re certain you will be due a refund when tax time rolls around, chances are filing your taxes will be done before the due date. However, if you’re one of many who will owe the IRS, and you don’t have the money to cover the bill, it may be a different story.
A study was done last year to find the reason why many taxpayers failed to file their tax return by the extended filing date of July 15, 2020. It revealed that 24% of that group were sure they owed additional taxes, but they were not able to pay.
Another 18% had no idea View full post…
Usually when the tax filing due date arrives, most taxpayers breathe a sigh of relief. What most taxpayers don’t realize, that date will close the window for many on their ability to file a claim for a tax refund. READ THIS CAREFULLY: The IRS stated that for the tax year 2017, up to 1.4 million individual taxpayers lost their ability to claim a refund by missing the three year statute.
Those same individuals forfeited $1.35 billion in View full post…
If you’re a college student, or about to become one, there are a few very important things for you to consider. The first is do you really have to file a tax return? If you do, who is going to do it? If you worked a part time job and had earned income, or maybe had some investment income, too, you probably need to file a return. But, wait.
Don’t just get some tax forms and file your return, or go View full post…
There are many ways you can be cheating on your taxes without even being aware of it. Often times a well-meaning friend or relative will tell you that some type of income isn’t taxable because they’ve been doing it for years and the IRS hasn’t said anything. Ever hear that? We all have, I believe.
Doing all you can to legally avoid taxes is okay, but it’s never okay to evade taxes. Maybe we’re “old fashioned” here at our firm, but we firmly believe that everyone should View full post…
Filing your taxes is a process that we all would like to avoid, and for many good reasons. Not only is the process typically very time consuming, but it can also be so intimidating to know how to properly file your tax information and answer all of the questions correctly. You can do your taxes online here and avoid all of that hassle.
You can hire View full post…
Under the old tax rules from many years ago, the answer to this question was generally yes, for most filers. Today, and especially after TCJA, more filers are using the new standard deduction. If you want to itemize your deductions, you need to exceed those amounts for the standard deduction.
To itemize your deductions, you need to keep track of medical expenses, various types of taxes that you pay, charitable contributions, qualified mortgage interest paid, and certain casualty losses. It takes more work to keep accurate records for these deductions, but it could payoff in the long haul.
Using the standard deduction or View full post…
If you’ve just started a new business, or are planning to open one, you will need to know the best way to file taxes. The steps that you need to take are not complicated, but some of the detail might be. Whatever you do, don’t put off filing, or for that matter paying quarterly estimates, if required.
The last thing you want, is to end the year with a nice profit, and have a big tax bill for income taxes and self-employment taxes. Like most new business owners, you’ve View full post…
Have you tried to prepare your tax returns yourself and struggled with all the paperwork? Or perhaps you went to your local CPA or one of the tax franchise operators? Has the sticker shock worn off yet or did their very high fees leave you confused? Not the best online tax filing by any means.
Why spend your hard earned money on an expensive tax preparer? Or become frustrated trying to understand a convoluted tax code that even confuses some accountants? We have a simple and low cost solution. A flat rate of $25.00 and that includes a state return too. Plus View full post…
If there’s one thing that we can count on, it’s that tax laws are constantly changing. To help us to cope, the better online tax services, such as ours at HBS Financial Group, Ltd., offer assistance to avoid the seven most common tax blunders.
These mistakes are not only made by first time tax filers with a very simple return, but also by those who file more complex tax returns. It is our hope that listing these seven types of errors will help you to avoid them.
This is probably the area that so many taxpayers fail View full post…
