Whether or not you work with a CPA is a decision you have to make for yourself. While some people understand the benefits of doing so, others continue to put this on the backburner. You aren’t required to take this step in your financial life, but here are five reasons why you should consider doing so in the near future: 1. To Save You Money Simply put, a CPA can help you save money on your...
Most people agree that it feels better to receive a tax refund than it is to owe additional money to the IRS. Even it means you're loaning the government money for a brief period of time, it feels better to get cash back than to send a check along with your final return. If you learn that a refund is coming your way, it’s time to plan your next move. More specifically, what will you do...
2019 is right around the corner. While you have some time in 2019, you will need to begin thinking about filing your taxes. There are a lot of options out there, and depending on your financial experience, you can either do it yourself or hire an accountant. Below are a few options to file your taxes: Hire an accountant: If you do not know and understand taxes, I would recommend to hire an account to file...
Are you the type of person who makes it a habit to file your tax return at the last minute? Are you hoping to get this off your plate earlier in 2019? Regardless of what you’ve done in the past, there are many reasons to file your taxes early next year. It’s a change to your typical system, but once you understand the benefits it’ll become second nature to you. 1. Faster Tax Refund There is...
Do not ever overpay on your taxes! You should always take all the deductions that apply to you so you pay the lowest taxes possible. Below are several overlooked deductions you may not be considering when filing your taxes: State sales taxes – This write-off makes sense primarily for those who live in states that do not impose an income tax. You get to choose between deducting state and local income taxes, or state and local...
While some Americans loathe tax season because of what they might owe Uncle Sam, many others wait for their tax refunds like children on Christmas Eve. If you’re due a refund this year, don’t blow it. Here are a few dos and don’ts to make the best use of your refund. Use it to catch up on past due bills. Sure, you might have had your eye on a shiny new tablet or nice new furniture, but...
Wherever there’s money, you can count on there also being scammers trying to trick unsuspecting consumers into giving up money or giving up personal information (which can lead to the scammers getting money). Tax season is a favorite of scammers because so many taxpayers are unaware of tax rules and how the IRS typically sends communications. As you prepare to file your taxes, be on the lookout for scams. Scams For You to Pay Your Tax...
As the calendar turns and 2017 stares you in the face, you’ll find yourself addressing a variety of financial related questions. From taxes to your budget, there is sure to be a lot on your mind. Below are five questions to ask your CPA at the beginning of 2017. By asking these, you can clear the air and ensure that you’re on the right path as the year begins: 1. Why did I overpay or underpay...
With the end of the year closing in, there’s no better time than now to review your tax situation. After all, the April 2017 filing deadline will be here before you know it. Although no two people face the same tax circumstances, here are some important questions everyone should answer: • Do you need to consult with an accountant now or in the near future?• Does it make sense to contribute more money to your retirement...
The IRS estimates that approximately 10 million taxpayers wait until the last days before the deadline and millions more will request an extension. If you haven't filed yet, you may be relieved to hear that this year tax returns are due on April 18th instead of the usual deadline of April 15th due to the observation of Emancipation Day. Residents of Maine and Massachusetts have until April 19th due to the observation of Patriot's Day. The...
