From the tax return Tag

IRS Suspends Sending Notices Due to Return Processing Delays – Did You Know?

As a result of pandemic-related issues, the IRS has a backlog of millions of original and amended 2020 and 2019 tax returns awaiting processing. This situation creates a risk that taxpayers who have met […]

Save Yearly Income Statements for a Smoother Tax Season

Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources in January and early February. Make sure to save each document, so you can refer to it for your […]

Schedules You May Need for Your 2019 Form 1040 – Did You Know?

Many taxpayers were surprised to learn that they needed to include multiple numbered schedules with their 2018 federal Form 1040s. Since the IRS has now combined some of these schedules, there are fewer numbered […]

Tax FAQ Series: I have rental properties, where should I report those?

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, […]

Tax FAQ Series: What’s The Difference Between a Pass-Through Entity and a Disregarded Entity?

There’s an important, but subtle difference between a Pass-Through entity and a Disregarded entity. An entity that has been organized under the laws of its applicable state can elect to be “disregarded” for tax […]

Tax FAQ Series: How Do I Pay My Taxes?

If you have a question you would like featured on our TAX FAQ series, please email [email protected]. A: If you owe federal tax, the IRS offers many easy ways to pay. Make sure you […]

Urgent Release: IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

As the 2019 tax season rolls into full swing, good news just hit the press! Newly appointed IRS Commissioner Charles Rettig just announced that the IRS will waive more penalties for taxpayers who didn’t […]

Understanding Tax Deductions & Credits

Business taxes are governed by a large volume of tax codes, rules, regulations and procedures. Knowing the ins and outs of these various requirements can make the difference between a tax refund or a […]

Filing Tax Returns for Deceased Individuals

A commonly overlooked issue in estate administration is the filing of the decedent’s final tax return. Even if there are no assets to administer, a person may have had substantial income that requires reporting […]

Missing your W-2’s? – Here’s what the IRS Recommends

If you have not received your W-2, follow these three steps: 1. Contact your employer first. Ask your employer – or former employer – to send your W-2 if it has not already been […]