File Your Taxes Electronically

File Your Taxes Electronically

5 Tips to File Your Taxes Electronically the Easy Way

Each year the number of tax returns that were submitted by e-filing has been increasing substantially. In 2001, about 30% were e-filed and in 2020, the number jumped to over 92%. Americans know if you file your taxes electronically, refunds arrive sooner.

There are 5 primary reasons why this technology has taken off and isn’t too far from the 100% goal set by the IRS View full post…

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Filing Your Own Taxes

Filing Your Own Taxes

Filing Your Own Taxes Doesn’t Have To Be Hard. Read These 4 Tips

When I had enough income that required me to file a tax return, I used my family’s accountant. He was a local accountant, and certainly wasn’t cheap. Over the years, I stayed with this guy for convenience, and hadn’t even considered that maybe filing your own taxes would be better.

It wasn’t until I discovered a major View full post…

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Do Your Own Tax

Do Your Own Tax

Do Your Own Tax in 3 Easy Steps for just $25

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…

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How To Do Taxes When Self Employed

How To Do Taxes When Self Employed

How to Do Taxes when Self Employed – Top 3 Tips

With the massive loss of jobs due to the pandemic, many individuals joined the ranks of the self employed. They became known as gig workers such as an Uber driver, Instacart shoppers, delivering for Amazon, and many others. It meant you had to know how to do taxes when self employed, and these taxes became a little more complicated.

If you worked for an employer at their office, for instance, all required taxes were withheld from your pay and sent in to View full post…

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File Taxes if Self Employed

File Taxes if Self Employed

How To File Taxes If Self Employed In 3 Easy Steps

If you’re a freelancer, or basically work for yourself, you’ll probably need to file an IRS Schedule C when tax time rolls around. This would include you folks that have a side gig, or maybe run a small business too. When you file taxes if self employed, you need to be aware of some of the tips that may save you time and your hard earned money.

We’ll cover who has to file a Schedule C – how it works – what it is, and what it does to your tax return. View full post…

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Is There a Tax on Inheritance?

Is There a Tax on Inheritance?

Do I Have to Pay Tax on Inheritance of an Estate?

A very broad answer to this question is maybe. Before we go into an explanation as to when an inheritance may be taxable, let’s differentiate between an estate tax and a tax on inheritance. These are two separate and distinct types of tax that can sometimes be very confusing.

What is an estate tax?

Think of this as a two-tier level of taxation. When someone dies, an estate tax may be levied on the total value of what he owned at the time of his death. This includes cash, investments, real estate, and anything not covered by these View full post…

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Filing Your Taxes & Can’t Pay? – 5 Options

Filing Your Taxes & Can’t Pay? – 5 Options

Filing Your Taxes & Can’t Pay? 5 Options to Consider

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…

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Is Your Tax Refund Forfeited?

Is Your Tax Refund Forfeited?

Are You Sure You Don’t Have a Tax Refund Due?

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…

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Business or Hobby – Are You Sure?

Business or Hobby – Are You Sure?

Do You Have a Bona-Fide Business or Is It A Hobby?

Things have been a little tight, money wise, and you decided to start a business with hopes of making a few extra bucks. Do you know what the IRS rules are and how they decide if you have a real business or hobby? You need to know these rules and make sure that you follow them.

Do You Intend to Make a Profit and Pay Taxes if You Do?

This is what it all boils down to…TAXES. The IRS knows View full post…

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Taxes for Self-Employed Individuals

Taxes for Self-Employed Individuals

Taxes for Self-Employed Individuals – Who Qualifies?

People who work as an employee don’t have to be very concerned with having their various taxes paid to the IRS. The employer withholds FICA, Medicare, federal income tax, and also state income tax, and sends in this money to the IRS and the state. Taxes for self-employed individuals are different.

Not so for someone who works as a freelancer. This individual must keep accurate records as to income and expenses, so that he can calculate his tax liability. The taxing agencies aren’t much help either, with their confusing payment dates for estimated taxes.

Most individuals find it View full post…

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