by Karla Dennis | Jul 20, 2013 | Blog
7 THINGS YOU MUST NOT DO WHEN YOU FILE YOUR INCOME TAX RETURN Tax season has begun and everyone is scurrying around to get their tax returns filed as quickly as possible. Many are hoping to get a refund which may just be the extra cash they need to help them through the year. However, in this hurry many mistakes are made which can result in an audit down the road. In order to help avoid this problem here are 7 things you must NOT do when you file your income tax returns. Do not use a tax preparer who is not licensed in your state or who does not have a tax license: with IRS’ new program to crack down on unlicensed preparers it is likely your return will be flagged for audit if the person you use does not have a license. Many of us may be using preparers that are licensed but are not licensed to do business in their particular state. Do not file an extension if you owe on your taxes: An extension is an extension of time to file and not an extension of time to pay. If you fail to file your taxes and you owe when you do file you are going to get hit with hefty penalties and interest further causing your return to be scrutinized for an audit. The best thing to do is to file your taxes on time and then set up a payment plan or make some type of financial arrangement with the IRS or your state revenue department. Do not fail to file electronically. Filing electronically is the...
by Karla Dennis | Jul 20, 2013 | Blog
When compared with this past year, you will find very little that’s new when going to file your tax return this time around. Try not to let familiarity lull you into complacency. Every year this leads to small errors or missteps by tax payers that can produce an audit. For instance, the IRS says the most typical mistake is to leave names or Social Security numbers off tax returns — an error that can cause a long-lasting headache, and even added taxes, as you jump through hoops to have issues resolved through the IRS. So besides staying conscious of specifics, utilize this list to ensure that you haven’t forgotten some of the common money-savers that tax preparers and accountants say individuals often neglect. read...
by Karla Dennis | Jul 19, 2013 | Blog
It is the duty of each citizen to pay their taxes. The tax which you pay plays a huge role in the growth and improvement of the country as it is used to develop better roads, new projects and public amenities. Tax losses are becoming more and more complex. Many people feel that acquiring a tax consultant is actually a much more sensible choice because the consultant knows ways to lower their taxes. You will find numerous competent tax consultants to manage your return. Having organized papers and documents lets your tax consultant help you with real tax saving tips. read...
by Karla Dennis | Jul 19, 2013 | Blog
Hello everyone this is Karla Dennis with Cohesive Tax thank you for your time today. I use my blog to keep Californians informed on the ever changing tax code that effects their lives and how to best take advantage of it. If you have tax concerns or may be just need a second look before sending in your taxes please give me a call or fill out a contact form on my website to get in touch with our great team. In my blog today I wanted to discuss the importance of a tax extension and why it is worth your time to wait. First off it is important to note that this is an extension of time to fly your taxes and not to pay your taxes. A tax extension is going to give you enough time for your unique situation to be properly analyzed by our team at Cohesive Tax in order to find your best tax options. Filing your taxes yourself or utilizing a free at home software can be easy and safe to use but it may also be costing you money. If you have a mortgage, home equity loan, or are still paying down debt from college those programs may not be getting you the full deductions available. For those that have retirement accounts, college savings plans, or physical assets that generate income you may have write-offs that can help reduce your tax bill each and every year. And of course if you are a parent those little ones may be able to help you find numerous deductions when filing your taxes. You are...
by Karla Dennis | Jul 19, 2013 | Blog
The purpose of getting an online tax estimate is that it is very quick. Within ten minutes of using an online estimator, you will be given your estimate and know whether you owe or whether you’re going to get a return. The good news is that the estimated tax return results you are going to get will provide you with what you need to count on. While they aren’t necessarily correct to the letter, it at least helps you know where you stand. Are you currently a landlord or self employed and think that next year’s taxes cannot be fully integrated in your revenue tax withholdings? If yes, then this is ideal for you. You need to find out what your estimated tax return is. This won’t be hard and it’s recommended since it is an added way of putting your finances in order. Within several minutes you can find out whether you owe money or whether you will be getting money back from the IRS. Using a tax estimator to find out your status is generally better than waiting anxiously. read...
