The IRS announced its Taxpayer Relief Initiative, a provision that aims to help taxpayers impacted by the Coronavirus pandemic. The measures include, among other things, more time to resolve tax liabilities and more flexible terms to set up Installment Agreements. If you qualify for a short-term payment plan you may now have up to 180…
Your filing status is one of the most basic pieces of information when it comes to taxes. It determines the amount of taxes you pay, the credits you can claim, and your standard deduction amount, among other things. Generally speaking, your filing status depends on whether you are single or married on December 31. That…
The deadline to file your taxes if you requested an extension is just around the corner. You should file your return on or before Thursday, October 15 to avoid penalties and interests. What If I Haven’t Filed and Didn’t Request an Extension? The original filing deadline was July 15 because this year Tax Day (that…
Starting a new business is an exciting adventure. But to ensure success, you must pay attention to every detail, and that includes choosing the right structure for your business. This decision determines many important factors, such as how much to pay in taxes, and the paperwork you are required to complete. If you don’t have…
More people than ever are working from home, so today we’d like to talk about the Home Office Tax Deduction, a topic that many of our readers may find interesting. The first thing to know is that employees are not eligible for this tax deduction. Both homeowners and renters can claim this deduction by filing…
The deadline to file and pay your taxes was July 15. If you filed on time, great! You’ll avoid penalties and interest. However, there are some other things you may need to do. From checking the status of your refund to determining if you have to amend your tax return, we’ve got you covered. Read…