Tax Tips for Individuals we recommend
When it is time to file your taxes, bring all your W-2 and 1099 forms. It is really important to put them where you can find them easily. Also, keep good records of your deductions in order to itemize and/or reduce your taxable income in your schedule C if iy is your case. Having all that information will help you to answer any questions when preparing your taxes, and it will help you avoid any overpayments and/or increase your refund.
Your federal tax return must be filed before midnight April 15. You can get an extension if you file IRS Form 4868 by April 15, but you still have to pay your taxes by April 15 to avoid penalties and interest. And check the filing deadline for your state: It may be different than the Federal deadline.
We recommend to review your tax return before you leave our office. Reviewing your return for any incorrect Social Security numbers, incorrect addresses or incorrect names significantly slow down the refund process.
This is the fastest and safiest way to get your refund deposited directly to your bank account.
E-filing is the easiest and fastest way to file a tax return. You'll avoid the long lines at the post office, save on postage and get your return faster
We recommend that you keep all your and your family sensitive information, included your tax returns, in locked box or any other safety place. Security is a priority and nobody wants being involved in identity theft.
Ask your tax preparer any question about your current return in order to answer any doubt or concern about your refund or amount due. Note: remember that your tax return is completily differnt from your neighbor's.
Married same-sex couples now have the same federal tax filing responsibilities as heterosexual couples. Following the Supreme Court invalidation of the Defense of Marriage Act, the IRS instructed same-sex married couples to file jointly or as a married couple filing separately even if the state where they live does not recognize their marriage. This will simplify same-sex couples' federal filings, but if they must pay state income taxes, depending on their state's law, they could still face filing two state returns as single taxpayers.
Itemizing will help you reducing your tax liability
Many taxpayers have avoided the home office tax deduction because it has been regarded as a red flag for an audit. If you legitimately qualify for the deduction, however, there should be no problem. You are entitled to write off expenses that are associated with the portion of your home where you exclusively conduct business (such as rent, utilities, insurance and housekeeping). The percentage of these costs that is deductible is based on the square footage of the office to the total area of the house
Tax Tips for Small Businesses we recommend
Keep close track of all business expenses throughout the year and enter them into your accounting system in a timely fashion.
As you work with vendors or outside contractors, anticipate which ones you will pay more than $600 to over the course of the year so you can send them 1099-Misc form. Please remember to ask for their Federal Identification number in order to process the 1099-Misc form.
Keep business and personal expenses separate. That means maintaining separate checking accounts and credit cards for your business.
You can deduct educational expenses that maintain or improve skills required in your present employment, including seminars, classes and convention fees
If a business has employees, a variety of taxes will have to be withheld from their salaries. Among them are:
- Withholding. Social Security (FICA), Medicare and federal and state income taxes must be withheld from employees' pay.
- Employer matching. Businesses must match the FICA and Medicare taxes and pay them along with employees.
- Unemployment tax. Businesses must pay federal and state unemployment taxes.
Most services remain exempt from sales tax, but most products are taxable (typical exceptions are food and drugs). If a business owner sells a product or service that is subject to sales tax, he or she must register with the state's tax department. Then taxable and nontaxable sales must be tracked and included on the company's sales tax return. If you pay before the due date, you are likely to revceive a discount.
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