The tax filing deadline is finally here. According to the IRS, roughly 20% of Americans wait until the last week to file. If you're one of those people who have been procrastinating, you have less than 24 hours. You basically have two options: file today or file an extension. If you wish to file, you can visit an accounting firm, and while they are probably very busy, chances are they are open late. Trying to rush through a Turbo Tax electronic filing may result in mistakes t

The tax filing deadline is one week away. If the reason you havent filed is because you've been procrastinating, it's time to get moving. Here are some advice to help speed the process along. 1. Double check your return for errors. If you've yet to file your tax return at this point, you're inevitably feeling a bit squeezed. But that shouldn't stop you from reviewing your return meticulously. If you fail to catch key errors, you could wind up being audited or having your tax

The first symptoms of Hay Fever always seem to set in the last few weeks of tax season, so forgive me if this sounds stuffy. According to the Internal Revenue Service, "April 17 is the deadline for most taxpayers to file an extension and to pay taxes owed to avoid penalty and interest charges. If you file for an extension, your return is due October 15, 2018. Special rules may apply if you're in the military or live outside the U.S." You might be ready or able to file for a

You don't have to file your state and federal income taxes until April 17 this year. With that deadline less than a month away, roughly 60% of Americans have yet to file. Apperently, we are a nation of procrastinators. If you are one of those in the majority waiting until the last minute, you could run into headaches, expenses and other problems. Here are a few issues to consider: 1) You'll have less time to come up with any money owed to the IRS Many people are blindsided

The most commonly prescribed flawed tax advice is most often not given with any malicious intent. That being said, isn't the proverbial road to hell paved with good intentions? Let's go down that road and repair a few potholes you're likely to encounter. Pothole #1: "Get an extension...you have more time to pay your taxes." Why it’s flawed: It’s dead wrong. Getting an extension gets you more time to file, not more time to pay. If an extension meant you didn’t have to pay you

When most of your earnings are paid in cash, bartenders, waitresses, and others in the service industry are inclined to let much of the cash go undeclared. However tempting this may be, its a bad idea. The IRS is wise to this little tax evasion scheme, and while you are hardly Al Capone, if they determine you failed to declare part (or all) of your tips, you'll be facing penalties and interest on the unpaid taxes due. While it's unlikely you'd wind up in a maximum security pr

Chattanooga, TN The season is upon us: Internal Revenue Service (IRS) opened tax season yesterday, on January 29, 2018. In my office, we have all hands on deck moving with even greater urgency than usual and the rate of coffee consumption has doubled. Otherwise, this simply means that the IRS will now accept both paper and electronic tax returns (a week later than had been previously reported). Each year, without fail taxpayers have questions about filing. Many software co

Chattanooga, TN We are just a few days from the beginning of tax filing season 2018. As you've probably been preparing to file your return (or procrastinating because the deadline was moved back a two days until April 17th this year), it is likely you've been been hearing a lot about about tax law changes that have gone into effect. Your 2017 return is subject to a different set of rules, but it is equally important to keep the recent changes in mind going forward in order to

With two months to go, I thought this week's article might serve as a reminder that for many business owners, the last day to file returns is September 15th. While the actual due date passed on March 15th, the 6-month extension commonly filed is set to expire and brings forth stiff penalties to those who are in violation. For those business owners structured as S-Corporations and Partnerships, this means a penalty of $195 per partner, per month. No further extensions are

In the end of June, and with so many couples beginning the-happily-ever-after phase of their lives together, I thought it was a good time to address the "marriage tax penalty", the quirk in the tax code that sometimes requires married couples pay greater income tax than had they remained single. Here's a Quick Fact: Married couples actually often get a marriage bonus, paying less income tax than if they had remained single. Due to the the graduated nature of the tax system th