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 […]
From the Author Archive
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 […]
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 […]
In almost every situation, it is ideal to report rental properties on a business return, not your personal return (Schedule E). If you have more questions and would like to schedule a free consultation, […]
This amount changes each year. For 2019, the limits are as follows: IRA: $6,000 per person ($7,000 if age 50 or older). 401K: $18,500 per person ($24,500 if age 50 or older). SEP: $56,000 […]
IRA/ROTH/401K – The day your tax return is due – usually April 15th. If you filed an extension, then you have until October 15th. SEP – the tax deadline of the employer (check with […]
The Tax Code allows you to report business activity on your personal return using a Schedule C or on a separate business return. Either way you’re providing a “Business” return. When you use a […]
If you receive income reported on Form 1099-MISC, then you’ll want to report that income under your “EIN” or tax ID number, not your social security number. If you end up with a 1099 […]
In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]
A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]