For people using income tax preparation services this year and finding out that they owe the IRS, many of them may opt to file for an extension or payment plan. If you are in this boat, and you find that there is no way you can pay your tax debt in full, you can arrange for an extension to pay the debt and make monthly payments. Your tax prep agent can file a couple of forms on your behalf to get the process started, but there are a few things you should know first. Read More»
Each year many taxpayers find themselves facing tax problems. These problems can range from unpaid back taxes, errors on tax returns, or audits. However, a common scenario seen at during tax time is that some people need to file extensions. You have likely heard about filing an extension, but you may not understand what it entails. The following points will help you to get a better understanding of the matter. Read More»
With the end of the year approaching, many people are thinking about what they can do to save on their taxes. If you are not careful, you can easily overpay on your taxes by not utilizing deductions that are available to you. Here are a couple ways you can save on your taxes that you may not have known about.
1. College Credits and Student Loan Interest Deductions
First, if you are currently in college, or you are paying for a dependent to go through school, then you might qualify for a credit. Read More»
In addition to the daily responsibilities of operating a business, self-employed persons must also decide how to provide for their own health insurance. The potential financial liability resulting from an accident or sickness could place a business in jeopardy. To ease that concern, self-employed persons are able to take a tax deduction for the expenses of health insurance.
The cost of your personal medical insurance is not deductible as a direct business expense of your company. Read More»
