by Karla Dennis | Jul 18, 2013 | Blog
Thanks to the election, there might be some significant changes to the tax code and how taxes could affect you. The first tax effect that could come into play is the ending of the tax cuts established during the Bush administration. This end will come if Congress doesn’t act. Some other effects include a rollback of the income triggers for AMT (alternative minimum tax) to their 2000 levels. If that happens, around 30 to 31 million taxpayers would pay AMT. Furthermore, capital gains taxes would increase to 20% for 15%. There would also be cuts in federal spending to defense and social welfare programs. read...
by Karla Dennis | Jul 17, 2013 | Blog
In assessing the analysis of a tax extension and what it entails, we are providing some of the definitions of what are needed to proceed with a tax extension. First and foremost, you will need to understand that an extension is only an extension of your time to submit your tax return; it’s not an extension of your time to pay the tax due. Unfortunately, many taxpayers miss this component about it not being an extension of them paying their taxes due. There are two federal individual tax extensions that may be filed. The very first extension, which is “automatic,” is due through the April 15th tax deadline and is also a 4 month extension of your time to file. Therefore, should you file this first “automatic” extension; you will have till August 15th to file for your revenue taxes. Your better estimate of the tax that will be due with the actual return continues to be due by April 15th. read...
by Karla Dennis | Jul 17, 2013 | Blog
Taxpayers are offered several alternatives these days for filing taxes easily and affordably. Because of advancements in technology, software and online tax preparation services, it has now become more convenient and easier than in the past when it comes to preparing and filing income tax returns online. Whether you have a simple tax return or a complex one, you will be in a position to accomplish your task in the fastest and most accurate possible way. The best option to suit your needs is usually to complete your return on the web and submit an eFile that the IRS can quickly process. read...
by Karla Dennis | Jul 17, 2013 | Blog
The IRS has a simple form, Form 4868, that provides you with an automatic six-month extension to file your taxes. The good news is that it’s easy to complete even with no accountant. You could use the IRS’ Free File system online, look up the appropriate action at any IRS office or order it toll-free. If you’re using tax-preparation software at home you are able to file by computer and receive an acknowledgement via email. The Free File system online will first ask you for your company, address and SSN. It then requires you to estimate your tax liability and send any balance due. If a person makes this payment and covers a minimum of 90% of one’s real liability they will not owe a late-filing or late-payment penalty. read...
by Karla Dennis | Jul 17, 2013 | Blog
To many seasoned tax payers, doing federal extension forms is not a problem; however for someone brand new to it, it can be a daunting task. Many people often have to file their taxes late, meaning they have to file a federal tax extension. Taxes usually are not something to mess around with; getting the help of a tax professional is your best choice. Given that most are online, their services for federal and state tax extensions are much quicker and cheaper, which benefits the client. Those that have to file a tax extension often have many questions; “Just how much does it cost?”, “How are you able to file?” and “Can anyone help me?” Fortunately, there is a solution and it’s getting help from a tax assistant. read...
