Article Highlights: • When You Are Required to File • Self-Employed Taxpayers • Filing Thresholds • Consequences of Not Filing • Benefits of Filing Even When Not Required to File • Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that … [Read more...] about Must I, or Should I, File a Tax Return?
Automatic Tax Filing Extensions Available
Article Highlights: • Form 4868 • Late Payment Penalty • Taxpayers Residing Abroad • Retirement Contributions • Estimated Tax Payments • Foreign Bank Account Reporting A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 … [Read more...] about Automatic Tax Filing Extensions Available
Tax Filing Deadline Rapidly Approaching
Article Highlights: • Balance due payments • Contributions to a Roth or traditional IRA • Estimated tax payments for the first quarter of 2016 • Individual refund claims for tax year 2012 Just a reminder to those who have not yet filed their 2015 tax return that April 18, 2016 is the due date to either file your return and pay any taxes owed, or file for the automatic … [Read more...] about Tax Filing Deadline Rapidly Approaching
March 2016 Individual Due Dates
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to … [Read more...] about March 2016 Individual Due Dates
Asset Sales Versus Stock Sales: What You Need to Know
Selling a business is never a decision that should be made lightly. A business is something that you've likely worked hard to build from the ground up into the entity that you always hoped it could be - you don't want to sell yourself short now that you're moving onto bigger and better things. When it comes to selling a business, one of the most important decisions that you'll … [Read more...] about Asset Sales Versus Stock Sales: What You Need to Know