Taxes

A New Resolution for The End of April

Tax season for the year is over – well for those individuals who filed their returns without an extension.  But that does not mean that for tax preparers, they don’t have to think about income tax preparation until the change of the calendar year.  Your preparer may be involved in preparation of business returns which […]

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Crowdfunding and Taxes

Many people are familiar with crowdfunding to raise money for charities, for gifts, to assist victims of tragedy, etc.  Some of the sites are Go Fund Me, Facebook, Kindful and so many others.  It is always nice to see people looking out for others.  But did you know that money raised in this manner may […]

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Need To Correct or Amend Your Form 1040?

Taxpayers needing to amend or correct a 1040 Form – including Forms 1040-SS, 1040-NR and others, can now do so electronically.  Until recently, to do so required the filing of the amended or corrected returns on paper.  Changes not only regarding income or deductions, but changes to filing status or to add a dependent not […]

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The End Is Near

That phrase can have so many different meanings, but as a tax preparer for many years, to me it means the end of TAX SEASON is near.  For most tax preparers, at this point, they are weary, overwhelmed, and just wondering how they will get all of the returns completed, or extensions filed. You may […]

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Estate Taxes Across the U.S.

It is human nature to feel that we are overtaxed.  And yes, rates for one tax or another will vary from state to state.  We have what are commonly referred to as death taxes.  These are usually identified as an inheritance tax or an estate tax and vary by state.  Estate taxes are based on […]

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What Is Federal Estate Tax Portability?

For several years now, we have been hearing about “portability.” Do you know what it means? How does the term affect you? Simply stated, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of […]

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SCAM SEASON, ‘ER, I MEAN TAX SEASON

We are in the first half of January and the scamming has already begun with scammers claiming to be from the IRS.  This is the prime time of the year when thieves posing as the IRS call people and threaten them by saying that taxes are owed.  Please don’t fall for these scams.  Stay vigilant.  […]

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Estimated Income Taxes

Are you required to make estimated income tax payments?  Do you know if you are required to make estimated income tax payments?  Are you aware that the final estimated tax payment toward 2022 income taxes is due January 17, 2023? For many taxpayers, they are employed and receive a Form W-2 which reflects their earned […]

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Year-End To Do List

December is upon us and there are many things to accomplish.  Where do we find the time?  But, in spite of all of your tasks to be accomplished and their importance, I am sorry but I must add to that list things that really have a greater impact than holiday preparations.  Here’s a list of […]

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Backup Withholding – What Is It?

You may have encountered being asked if you wanted “backup withholding” when doing certain financial transactions.  So, what is it?  Backup withholding is when, during a financial transaction, there is a withholding of income taxes – federal or state – from the proceeds of the transaction.  These withholdings are credited to the taxpayer’s tax account(s).  […]

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