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…
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…
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…
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…
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…
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.
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…
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…
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…
