The April 15th deadline is approaching fast, what happens if you’re not ready to file? You may request up to an additional 6 months to file your U.S. individual income tax return. There are three ways to request an automatic extension of time to file your return. You must request the extension of time to file by the…
Head of Household (HOH) is a filing status you can claim if you’re single orunmarried and maintain a home for a qualifying person, such as a child orrelative. The Head of Household vs. Single status provides a larger standarddeduction and more generous tax rates for calculating federal income tax.Requirements for claiming Head of Household status: You…
What should I do if someone has used my information to file a tax return that I didn’t authorize?
At tax time, we find that people seem confused on why they didn’t have any or had little federal tax withholding throughout the year. The W4 that you fill out when you start employment is what the federal tax withholding is based on. So, if you fill it out incorrectly, it can mean a smaller…
The standard way of being paid by an employer is on a W2. You have Federal Income tax, Social Security tax, Medicare tax, State tax (depending on the state you live in) and Local Earned Income tax. There are nine states with no state tax. For starters the Federal income tax withholding is based off your…
Under current law, the maximum refundable child tax credit for a taxpayer is computed by multiplying that taxpayer’s earned income (in excess of $2,500) by15 percent. This provision modifies the calculation of the maximum refundable credit amount by providing that taxpayers first multiply their earned income (in excess of $2,500) by 15 percent, and then…
The deadline for tax extensions is quickly approaching! This year’s deadline isOctober 16, 2023. An extension gives you extra time to file your taxes, but not extratime to pay. Sometimes time escapes you and suddenly you have several years’ worth of taxes tofile. While it certainly feels overwhelming, there are some action plans you can…
We offer year-round tax preparation for individuals and businesses, but we also offer much more! We review prior tax returns if you want a second review, and we prepare amended returns if necessary. Our professional staff offers tax planning, bookkeeping, payroll services, and business coaching. We know everyone has different needs when it comes to…
The IRS began accepting the Form 1040-X electronically in 2020 but until now did not offer direct deposit as an option for a refund. Following IRS system updates, those filing amended returns can now enjoy the same speed and security of direct deposit as those filing an original Form 1040 tax return. Beginning in processing year…
The Internal Revenue Service reminded families today that some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the Child Tax Credit.