Tax/Business News & Updates

3rd Quarter Estimated Tax Payment

Posted by on September 4, 2017 in Business, Tax Filing, Tax News, Taxes | Comments Off on 3rd Quarter Estimated Tax Payment

3rd Quarter Estimated Tax Payment

Your quarterly estimated tax payment is due soon.

Third Quarter 2017 taxes due by September 15, 2017.

Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. (more…)

2nd Quarter Estimated Tax Payment

Posted by on June 2, 2017 in Taxes | Comments Off on 2nd Quarter Estimated Tax Payment

2nd Quarter Estimated Tax Payment

Your quarterly estimated tax payment is due soon.

Second Quarter 2017 taxes due by June 15, 2017.

Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. (more…)

Estimated Tax Payment Reminder

Posted by on April 10, 2017 in Taxes | Comments Off on Estimated Tax Payment Reminder

Estimated Tax Payment Reminder

Your quarterly estimated tax payment is due soon.

First Quarter 2017 taxes due by April 18, 2017.

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

(more…)

Tax Tips – Individual Retirement Arrangements (IRA) Info

Posted by on March 23, 2017 in Tax Credits, Tax Deductions, Tax Tips, Taxes | Comments Off on Tax Tips – Individual Retirement Arrangements (IRA) Info

Tax Tips – Individual Retirement Arrangements (IRA) Info

Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules.

The IRS offers the following tax tips on IRAs: (more…)

Tax Tips – Uber, Lyft, and Other Ride-Share Drivers

Posted by on March 21, 2017 in Business, Tax Deductions, Tax Tips, Taxes | Comments Off on Tax Tips – Uber, Lyft, and Other Ride-Share Drivers

Tax Tips – Uber, Lyft, and Other Ride-Share Drivers

Ride-Sharing Services

Instead of sitting at home watching TV reruns during their down time, some of people are making extra cash by offering their services in the shared economy. One of the most popular methods is to become a driver for a company like Uber or Lyft. Essentially, you operate your own vehicle like a taxi cab, picking up and dropping off fares, utilizing a schedule that’s convenient for your lifestyle. (more…)

March 15 Filing Deadline for Partnerships and S Corp Returns

Posted by on March 10, 2017 in Business, Tax Filing, Tax Forms, Tax News, Taxes | Comments Off on March 15 Filing Deadline for Partnerships and S Corp Returns

March 15 Filing Deadline for Partnerships and S Corp Returns

The filing deadline for calendar year partnerships and S corporations is March 15, 2017. These returns must be filed (e-filed or postmarked) by midnight (local time) on March 15, 2017. Fiscal year returns will be due the 15th day of the 3rd month following the year end. Both partnership and S corporation returns are allowed a six month extension, if (more…)

Need a Tax Transcript or IP PIN

Posted by on March 3, 2017 in Tax Forms, Tax Tips, Taxes | Comments Off on Need a Tax Transcript or IP PIN

Need a Tax Transcript or IP PIN

At this time of the year, some tax payers are seeking their Identity Protection PINs or are in need of a tax transcript. For inquiries about IP PIN and transcripts, use the online service options on IRS.gov:    (more…)

Missing a W2 Form?

Posted by on March 2, 2017 in Tax Filing, Tax Forms, Tax Tips, Taxes | Comments Off on Missing a W2 Form?

Missing a W2 Form?

What to Do if You’re Missing a W2

Most people get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need it to file an accurate tax return. You cannot use your last pay stub to file taxes.

If you haven’t received your form by the end of February, here’s what you should do: (more…)

What Deduction Should You Take – Itemized or Standard?

Posted by on March 2, 2017 in Tax Deductions, Tax Filing, Tax Forms, Tax Tips, Taxes | Comments Off on What Deduction Should You Take – Itemized or Standard?

What Deduction Should You Take – Itemized or Standard?

Itemize or Choose the Standard Deduction

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

Itemizing your deductions is best whenever your deductions are greater than the standard deduction. For example, many homeowners choose to itemize because mortgage-interest payments along with local property taxes and uninsured medical expenses often add to be more than the standard deduction. (more…)

Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns

Posted by on February 15, 2017 in Tax Credits, Tax Filing, Tax Tips, Tax Update, Taxes | Comments Off on Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns

Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns

Where’s My Refund for Held Up Tax Returns

Where’s My Refund?” will be updated on Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Before Feb. 18, some taxpayers may see a projected date or an intermittent message that the IRS is processing their return. (more…)