From the September, 2019

Tax FAQ Series -Should I use a Schedule C or a Schedule E?

There are a lot of options when it comes to reporting income and expenses. Schedule C’s and Schedule E’s are the most familiar to taxpayers (and many tax preparers). But, BEWARE. These forms are […]

Tax FAQ Series – I owe taxes for a previous year, but I am getting a refund for the current year. What should I do?

You can just pay the difference. When you’re entitled to a refund, the IRS will first check to see if there are any amounts due for prior years and apply the refund to those […]

Tax FAQ Series – What should you know about filing prior year returns?

Filing a prior year return start the Statute of Limitations clock – as a general rule, the law allows the IRS to audit any return up to three years back from the date it’s […]

Tax FAQ Series – If I file an extension does that mean I can wait to pay my taxes?

No, an “extension” is a request for more time to file your return, not an extension of time to pay your taxes. Taxes are generally due by April 15th, and in some cases, by […]