While it may seem like it’s far away, the new tax season is actually just around the corner. Employers will begin sending out tax return documents at the end of January, which is only a few short months from now. Savvy taxpayers know that the more they prepare for tax season, the more likely they are to receive an attractive refund. You should work with a tax professional early and often to ensure that you’re reaping the best possible refund and minimizing your tax burden. Hiring a tax consultant in Union City, NJ will help you avoid overpaying. When you’re... View Article
If for whatever reason you are unable to pay the full balance of your taxes by the original deadline, you’ll have to pay interest on that balance and monthly late payment penalties, which is why it’s so important for you to pay in full as soon as you can to save yourself some money from these additional charges. However, if you’re not going to be able to pay off your balance in full right away or within 120 days after the due date, you might qualify for a monthly installment payment plan. You must apply for this plan using Form... View Article
Using the head of household filing status on your taxes could result in your having a lower taxable income and a higher refund than if you file as a single taxpayer. However, there are certain criteria you must meet to be eligible to use that status. You must pay for at least half of your household expenses, be considered unmarried for the tax year and have at least one qualifying child or dependent. Let’s take a closer look at each of these criteria and what else you need to know as you work with an accounting firm in Union City,... View Article
If you accidentally made any omissions on your tax return or made mistakes while filling out the paperwork, you still have the ability to go back and make the proper amendments. Here’s some information from an accounting firm in Union City, NJ about how you can do this: Know that you cannot e-file amendments: While the IRS has come a long way technologically with its ability to e-file quickly and easily, you should know that amendments aren’t quite as simple. You’ll need to use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return, and you’ll have... View Article
Personal income taxes are due in mid-April—April 15, to be exact, unless that date falls on a weekend or holiday. If you’re unable to meet this deadline, though, you have the ability to apply for an extension on your filing time with the IRS. Your reasons for needing the extension are irrelevant—whether you forgot to file or need more time to get your money or documents together, you’re able to file for an extension that gives you an extra six months to get all your paperwork submitted. Here’s some information from our accounting firm in Union City, NJ about how... View Article
