I know, I know…you go through a lot of stress just in preparing your tax return, but when you owe money also, it’s like getting kicked when you’re already down. Then if you happen to be short of cash, and can’t pay your tax balance in full, what is one to do?
Way back in the “old days”, when I was just starting out with my tax practice, if you had a balance due and didn’t pay it in full, the IRS came after you very quickly. As the years went by, and more and more taxpayers found themselves in that predicament, the IRS decided it was in their best interest to work with the taxpayer, and collect more money in the long run. View full post…
Posted: January 29, 2021 Under: Income Tax By: Gust Lenglet
Online Tax Services Help to Avoid These 7 Tax Return Blunders
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.
Filing My Tax Return Online or Use a Tax Preparation Service?
I’ve asked this question a few times, and depending on the individual, I’ve received a different answer. Those who knew more about taxes said filing my tax return online is the way to go. A few others who may not have known much about taxes, but were turned off by high tax preparer fees, agreed with them.
Others who doubted their ability to file taxes online said they would use a professional tax preparer. Some others said that a family member would prepare their taxes for them. They didn’t want the hassle and possible liability of an incorrect return.
Finally a Solution to Online Tax Preparation That Makes Sense
Now that you’ve decided to take advantage of the online tax preparation method of filing your income tax return, you need to select one of the tax vendors from the many listed in the search results.
You really need to select the one that will best supply your needs, and this will involve some research on your part. This guide may be of help to you as well. We’re assuming that you haven’t filed a tax return online before, so you may not be 100% certain on the services that you may need.
There are various factors to consider, as well as tax documents you need to have in hand before you start to look for an online tax filing service. Get all of your tax documents together such as W-2’s, 1099’s, and any other information that was sent to you.
5 Free Tax Return Filing Tips to Simplify Filing Your Taxes
It’s a known and unfortunate fact that most individuals aren’t too efficient when it relates to tax return filing. We offer these free online tax preparation tips to help those who are disorganized and/or unprepared. Many are stressed out because they are not organized and it doesn’t have to be that way.
A checklist can be a big help in getting organized.
Making use of a good checklist will guide you in organizing all of the correct documents that you need. This one free tax return filing tip alone can make sure that you don’t miss any required details. Did we mention less stress? Getting your required documentation organized will allow you to View full post…
Posted: March 6, 2020 Under: Income Tax By: Gust Lenglet
How to File Your Taxes Online Faster with These Tips
There are many reasons to look for tax filing help, especially if you’re not sure how to file your taxes online. Many individuals feel that the tax laws are very complicated, and they’re simply not comfortable in filing their own tax returns.
For these individuals, tax filing help can come from a couple of sources. One option is going to a tax preparer and having him/her prepare your tax return. This may appear to be the easiest way out of your dilemma; however, the taxpayer is ultimately responsible for the return. Plus, the high fees can be a turn-off.
Do you still take your tax records to a CPA or other tax professional for a simple return? Each year, millions of taxpayers are taking advantage of free tax filing online at one of the online tax filing firms.
Cost and convenience are the two major reasons for this change. Having a tax professional prepare even a simple return without itemizing, can cost several hundred dollars. Traveling to and from a tax professional can be very inconvenient as compared to doing your taxes online from the comfort of your home.
Quite often it doesn’t make much sense to have a professional handle your taxes. There are many reasons why it makes more sense to do your taxes online yourself.
It all boils down to cost. When you consider the fees charged by professionals versus the small fees to file your taxes online, its a no-brainer. During the 2018 tax season, the average fee by a pro for a federal and state return using the standard deduction was $175.00.
Filing the same return using itemized deductions, the total fee was $275.00. Say you had a side gig and had to file a Schedule C, the total fees would be in the area of $450.00 and up. In some areas of the country where the cost of living may be higher, your total fees went well View full post…
Posted: December 18, 2018 Under: Income Tax By: Gust Lenglet
Finally A Solution to the Current, Highly Complex, & Unfair US Tax Code
If I were to ask this question to a group of American taxpayers, ” Are you happy with our current tax system” what do you think their response would be? I would imagine some would want to see the entire unfair US tax code burned and its authors tarred and feathered.
I think most of us would have to agree the current and extremely complex tax code is far from perfect. So imperfect in fact, that two groups have formulated plans to replace the present tax code. Our goal in this article is to compare the two plans for you to decide if either one has merit. One plan is the Flat Tax and the other is the Fair Tax.
Proponents of the Fair Tax and Flat Tax alternatives both agree that when comparing our tax system with other countries, it shows that the USA lags far behind their more effective method of raising taxes. Each says the best way to correct our ineffective system is to use their particular method of taxation.
10 New Business Mistakes that Can Get You Into Trouble
Thinking of starting your own business? Are you self-motivated in such a way that you’ll put in the long hours necessary to succeed? If so, you may have what it takes to prevent new business mistakes from becoming a bad habit.
Unfortunately, some individuals have the misconception that becoming financially independent can be accomplished in a short period of time. Well, I suppose its possible, but for most, they quickly learn the business facts of life.
Operating your own business can be very rewarding such as being your own boss, but there are a number of things that you have to comply with if you want to stay in business. The primary one is paying the various taxesthat are required.
This is one area where a new business owner needs to consult an experienced, qualified accountant before setting up a business entity. A lot depends on the type of business and how to structure it so that overall taxes can be minimized.
In my state, a few years ago, the LLC designation was added to the state level types of organizations. Practically every new View full post…
Our firm provides the information in this website for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with a competent professional tax, accounting, legal, or other professional advisers. For information on how to use this data, you are advised to read our Legal Disclaimer page and our Circular 230 page.