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Federal Tax Deadline Extended To May 17 — The Details

Posted on April 6th, 2021

The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Read More…

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Include Gig Economy Income on Tax Returns

Posted on April 5th, 2021

The gig economy is also referred to as the on-demand, sharing, or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or actual customers to provide goods or services. Examples include renting out a home or spare bedroom and providing meal delivery services or rides. Read More…

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Self-Employed Can Claim Sick & Family Leave Tax Credit

Posted on April 4th, 2021

A new form is available for self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). The FFCRA, passed in March 2020, allows eligible self-employed individuals who, due to COVID-19, are unable to work or telework for reasons relating to their own health or to care for a family member to claim refundable tax credits to offset their federal income tax. Read More…

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Do You Need To File a 2020 Tax Return?

Posted on February 4th, 2021

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them. Read More…

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Social Security Benefits and Taxes: The Facts

Posted on February 2nd, 2021

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Read More…

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Individual Taxpayers: Year-End Tax Planning Strategies

Posted on November 4th, 2020

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. Read More…

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IRS Form 1040-X Now Available for E-Filing

Posted on September 7th, 2020

Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software. Read More…

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E-Signatures Temporarily Allowed for Certain Forms

Posted on September 2nd, 2020

The use of digital signatures on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals. Read More…

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Filing an Amended Tax Return With IRS Form 1040X

Posted on August 2nd, 2020

If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know:

Taxpayers should use Form 1040XAmended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax return should only be filed to correct errors or make changes to your original tax return. For example, you should amend your return if you need to change your filing status or correct your income, deductions, or credits. Read More…

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owing money to the irs

Here’s How to Pay If You Owe Money to the IRS

Posted on July 2nd, 2020

The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Read More…

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tax return errors

Avoid These 8 Common Errors When Filing a Tax Return

Posted on June 1st, 2020

When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best way to avoid this. With this in mind, here are eight of the most common errors taxpayers make when filing their returns: Read More…

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Ready to File? This Tax Records Checklist Will Help

Posted on May 4th, 2020

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand: Read More…

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CARES Act: Information for Individual Taxpayers

Posted on April 2nd, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.

Let’s take a look at a few of the highlights: Read More…

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Tax Refunds: Just the Facts | Factors Affecting Refund Timing

Posted on April 1st, 2020

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such, those refunds may take longer.

Just as each tax return is unique and individual, so is each taxpayer’s refund. Here is what taxpayers should keep in mind as they are waiting for their refund – especially if they hear about or see that other taxpayers on social media have already received theirs. Read More…

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What to Do If You Are Missing Important Tax Forms

Posted on March 5th, 2020

If you are ready to file your taxes but are missing important tax forms here’s what you should do: Read More…

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