Category Archives: Tax Return Preparation
Did You Miss the April Tax Deadline?
Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals… Read More »
Reporting Cryptocurrency and Other Digital Assets on Your Tax Return
Accounting for and reporting digital asset-related income has become an important part of filing federal income tax returns. Failing to account for these assets can result in delayed refunds, fees, and other penalties, so if you own cryptocurrency or another digital asset and have questions about how to report it, it’s important to start… Read More »
Tax Credits – What They Are and How They Can Benefit You
A tax credit is an amount that qualifying taxpayers can claim on their returns that could significantly lower their income tax. In fact, taxpayers who claim them successfully can not only lower their yearly tax bill, but could even increase their refunds. Read on for a clearer idea of the credits for which you… Read More »
Getting Ready to File Your 2023 Tax Returns
Taxpayers should be sure to start taking a few steps that will help them prepare for filing their returns next year. By taking these steps earlier in the filing process, taxpayers can have the information and paperwork they need to file their returns faster and more accurately. Organize and Update Your Tax Records Gathering… Read More »
Taxpayers Affected by Storms and Tornadoes Could Qualify for Tax Relief
Earlier this month, many southern states were battered by severe storms and tornadoes. Tennessee was hit especially hard, with many residences and businesses damaged or destroyed and thousands left without power. In an effort to help these victims, the IRS recently announced that it would be offering tax relief to affected taxpayers, who now… Read More »
The 2024 Tax Filing Season Started January 29th
The IRS recently announced that the official start date for the 2024 tax season was January 29th, the date which the agency will start accepting and processing 2023 tax returns. Although taxpayers technically have until April 15th to file their taxes, most are encouraged to start the filing process as soon as possible to… Read More »
FAQs About the New Clean Vehicle Tax Credit
Taxpayers who purchased an all-electric, plug-in hybrid, or fuel cell electric vehicle last year could be eligible for a tax credit of up to $7,500. Because a number of changes were made to this credit last year, there is still a lot of confusion about who qualifies for it and how it is claimed…. Read More »
Do You Qualify for an Individual Tax Credit?
Tax credits are dollar-for-dollar amounts that taxpayers can claim when they submit their yearly tax returns. When eligible for a credit, taxpayers can use the amounts to lower their tax bills and even increase their refunds. Read on to learn more about individual tax credits and who is eligible to claim them. Refundable and… Read More »
Summertime Activities Could Affect Next Year’s Tax Return
While many people associate April with the dreaded tax season, it’s also important for taxpayers to keep in mind that decisions they make throughout the year will affect their tax returns. This often proves to be the case in summer, when many couples choose to make major life changes, like getting married or relocating…. Read More »
Taxpayers Who Reported Certain State Tax Refunds May Need To File Amended Returns
Individuals who filed their federal income taxes early this year (before the April 18th deadline) and who also reported certain state tax refunds as taxable income may need to file an amended return. This primarily affects taxpayers who reported their receipt of special state payments in 2022 that were related to general welfare and… Read More »
