IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.
Important Points to Note:
Do you have all your
required Tax Filing Documents?
* Form W2
* Form 1099 - MISC (If
you are a Contractor or Independent Employee)
* Form 1099 - G (To
show Payment received from Government Agencies, Unemployment Benefits, Alimony,
* Form 1095 - To show
that you are enrolled in a Qualified Health Plan, which will allow you to get
your Premium Tax Credit).
* Form 1098 - To show
Payment Received from Interest (Interest Income).
* Profit & Loss
Financial Statements (If you are a Business Entity or Corporation)
With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).
We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.
A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction.
Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017.
This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up.