It can be easy to assume that postponing your tax return filing isn’t that serious—particularly if you didn’t earn very much in the previous tax year or you suspect you’ll be due a refund. However, the IRS imposes stiff consequences for late...
Month: April 2018
Three key things to know about filing your taxes post-divorce
Going through the divorce process can be an overwhelming, emotionally exhausting experience. When it’s over, the resulting implications on your taxes can be complicated.We’re here to help guide you through the tax process following a divorce. In this...
Tax amendments and corrections
Nobody enjoys paperwork. Most people find it boring and tedious. Taxes, however, are also stressful. There are different ways to do them, numerous forms and schedules, and many different ways that a single typo or math error can throw everything off base. Whether...
When should I itemize my expenses?
You've heard that itemizing your expenses could save you money on your tax return. But you don't want to go to all the trouble of itemizing every deductible expense you accrued over the year only to discover the standard deduction is going to get you a bigger refund....
What might trigger an audit?
Tax time is here, and it’s a chore that nobody enjoys. If you own your own business it’s especially challenging as you manage business expenses, personal income and various credits and donations. The IRS audits fewer than 1 percent of overall returns, but...
How do I know which filing status to pick?
Preparing your tax return can be a complicated mix of math and tax-specific jargon that’s difficult to understand. One fundamental question that many tax payers struggle with is the difference between the various filing statuses—and the relative advantages...
Why you should file a tax return even if it’s not required
It’s not mandatory for everyone to file a federal tax return. If your income was below a certain threshold last year, you may not be required to file a return this year either. We all know how tedious and confusing it can be to do your taxes. If you have a free...
Tax filing tips for new parents
If you just became a parent last year, you may be unfamiliar with how this life change impacts your taxes. The filing process is significantly different after you have kids, and many new parents miss out on important tax breaks. In this post, we examine a few key...
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