With COVID-19 spreading globally, businesses temporarily closing, and major metro areas on lockdown, tax preparation is probably the last thing on your mind. Luckily for millions of American taxpayers, the IRS has extended this year’s filing deadline, which gives you more time to get your returns in order and pay your bill. The Tax Filing Extension On March 21, the IRS released new guidance extending the tax filing and payment deadline from April 15 to July 15, 2020. This extension automatically applies to all taxpayers, including trusts and small business owners. No application is necessary, so you don’t have to rush to…

tax preparation requires a working knowledge of the forms you need to avoid errors, omissions, late payments, and correlating fees. Here, review some of the most common tax forms, all of which are available at IRS.gov. You can also request these forms by mail or get them at taxpayer assistance centers and community locations, such as libraries, grocery stores, office supply stores, and copy centers. Tax Forms You Need to Know About 1. 1040 Form 1040 is the comprehensive, standard federal form most individuals use to file, as it lists your income, credits, deductions, and taxes. This form is necessary for individuals who…

For many Americans, tax season means getting a refund from the IRS. However, if you’ve experienced some life changes within the past year, they may affect your tax return and the amount of money you get back. Use the following guide to determine what could impact your tax preparation process this year. What Life Changes Impact Tax Preparation? 1. Getting Married Though filing a joint tax return with your spouse often results in bonuses, exemptions, and lower rates, you might encounter a “marriage penalty,” which causes couples to have a higher tax liability. This typically happens to couples who fall on either extreme…

Every contractor needs the skills and equipment to deliver the results their clients expect, but running any successful business also means careful record-keeping and organization. Of course, bookkeeping, paperwork, and business tax preparation aren’t why most contractors go into business in the first place, but even simple mistakes can result in trouble with the IRS or missing out on valuable deductions. Below are a few of the most common accounting mistakes contractors make. A Guide to Accounting Mistakes Contractors Should Watch For 1. Misreporting Revenue of Shared Ventures Shared projects and joint ventures are excellent ways to increase revenue, build partnerships, and get…

While tax preparation can sometimes be stressful, your hard work will hopefully be rewarded by a hefty refund. However, if you don't take all the opportunities available, you may be disappointed by the amount awarded to you. To boost your refund further, practice the following steps. How Can You Get More From Your Tax Refund? 1. Make the Most of Deductions Deductions help lower your taxable income, which increases the amount of money you receive in return. Possible deductions include charitable contributions, child care, travel costs related to medical care, interest on student loans, and many other options. When claiming a deduction, make…