Individual tax returns or extensions were due about three weeks ago. Yet, many filers likely discovered that they made a mistake by unintentionally under-reporting income or expenses. Still, the taxpayer needs to correct it, even if that means ultimately having to pay more tax and amending their federal and state tax returns. So, what are the chances of being audited now that you have to amend your tax return? Read More.
Taxpayers that are considering filing an extension or already did, may want to know what the consequence is for filing an extension, if any. Read More.
Individuals may have more difficulty paying their taxes on April 17th as compared to previous years. This year, the first tax payment is due for converting your traditional IRA into a Roth. You may have also cashed out your 401K or other retirement account early because you were strapped for cash. Don’t panic, there are steps you can take to reduce penalties and maintain good standing with the tax authorities. Read More.
At the end of tax season, clients frequently ask us which files do they need to keep and what files can they get rid of for good. And then, there is also the tax return itself. Read More.
Most accountants will tell you that reporting rental property on a tax return can get complicated which is why their fee is usually higher to do so. Yet, this is not always true as the complexity often depends on how the rental property is used. Read More.
Credit card debtors may be sent a 1099-C form for the 2011 tax year. In fact, the IRS projects that 6.4 million of these forms will be sent to debtors, up from 3.9 million in 2010 and likely due to the increase in defaults. Find out if receiving this form means you owe more taxes. Read More.
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