Did you file your taxes late? Do you wonder what happens if you file taxes late? The saying goes, there are only two things guaranteed in life; death and taxes. You’re only human if you’ve lost track of the day and realized too late that tax season had caught you unprepared. There can be a […]
What Happens If You File Taxes Late? | The Truth Read More »
Tax season is right around the corner, and those dreaded tax filing mistakes just happen from time to time. You inadvertently put the wrong bank account number or identification number down on your tax return. Maybe the tax software you used messed up on you. Perhaps you took the standard deduction instead of itemized deductions.
10 Unacceptable Tax Filing Mistakes | What Not to Do Read More »
If you prepare for tax season early, it will make things easier when it comes time to actually file taxes. You will want to choose the right tax preparer, make the most of your tax consultation, gather all of the documentation that you need to have available, determine if you need to file a tax
5 Smart Ways to Prepare for Tax Season, Now! Read More »
The Internal Revenue Service (IRS) offers many tax benefits for taxpayers to take advantage of during the tax season. Tax deductions are different from tax credits because they allow you to take the amount of the tax deduction from your taxable income. Tax credits, on the other hand, give you a dollar to dollar deduction
Tax Deductions | How to Save on Your Tax Return Read More »
Because of the COVID-19 pandemic, the government has made several laws and adjustments to the IRS code. This helps American taxpayers who were adversely affected by the COVID-19 pandemic. It’s a good idea to understand the efforts of the government to provide taxpayers with tax relief. If you are filing your taxes this year, you
COVID-19 Tax Changes | What You Need To Know Read More »
If you have a dependent who does not qualify for the Child Tax Credit, you may be able to benefit from the Credit for Other Dependents. This tax credit is a nonrefundable credit worth up to $500 per eligible dependent and cannot be claimed for the Child Tax Credit. Not everyone has a family with
Tax Credit for Other Dependents | Your How-To Guide Read More »
Claiming Dependents Claiming dependents can be very beneficial. The government realizes that having dependents costs you money, and they have worked to ensure that you receive the best benefits, including credits, deductions, and other benefits. In this article, we will look at what qualifies a dependent and all of the benefits you can receive for
Claiming Dependents | Your How-to Guide Read More »
What you use as your tax filing status is very important as it impacts the type of return you will be using when filing your tax return. It also determines what tax rate you will need to use. For example, if you file as head of household status, you will use the head of household
Tax Filing Status | What is Right for You? Read More »
Did you know that over 50 million Americans are freelancing today? According to Dave Ramsey, freelancers are expected to make up the majority of the United States workforce within the next decade. So, whether you want to give freelancing a try or not, it’s worth understanding how it works. While the thought of having to
Freelancing and Taxes | What You Should Know Read More »
Are you going to miss the July 15 deadline? Use IRS Form 4868 to apply for a six-month extension to file IRS Form 1040. This will give you an extension for filing your taxes only; it does not give you an extension on the payment you owe. You will need to file the extension by
Top 5 Questions About 2020 Tax Extensions Read More »
Subscribe to our newsletter to receive news, updates, and valuable tips.
Copyright © 2024 Borshoff Consulting | All rights reserved | Tax Consultant in Carmel, IN
Download our guide to ensure you know everything you need to and are prepared to deal with the IRS.