April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important facts every taxpayer should know about penalties for filing or paying late: Continue reading Late Filing & Payment Penalty Facts
What should you do if you already filed your federal tax return and then discover a mistake?
First of all, don’t worry. In most cases all you have to do is file an amended tax return. But before you do that, here are 10 facts you should be aware of when filing an amended tax return. Continue reading Facts on Filing an Amended Tax Return
As the May 15 Filing Deadline for tax-exempt organizations filing Form 990-series information returns and notices quickly approaches, here are two important reminders for protecting personal information: Continue reading Form 990 Tips for Tax-Exempt Entities
The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers throughout the country.
The IRS will NOT call you … they will write you! Continue reading IRS Warns of Telephone Scams
Question: How do I know if I have to file quarterly individual estimated tax payments?
Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. Continue reading Estimated Tax Payments – Q & A
If you’re one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), don’t forget about the new simplified option available for taxpayers starting with 2013 tax returns being filed now. Continue reading Simplified Home Office Deduction
With all of the heat surrounding the “Patient Protection and Affordable Care Act,” or Obama Care, I fear some of the very distinct “business winners” are completely unaware of these potential savings they can claim. I know the Pharmaceutical companies in Cambridge know they will pay, but my fear is that many small “Mom and Pop” operations do not understand these potential credits available for them to claim. Any small business providing Health Care Coverage for low-income workers should read this very carefully!
If you, your spouse or dependents had significant medical or dental costs in 2013, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. Continue reading Medical & Dental Expense Deductions
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. Continue reading Small Business Tax Misperceptions
Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions.
There are two choices for claiming deductions: Continue reading Deductions Using a Car for Business
