If you’re self-employed, there’s a valuable tax deduction that you might be overlooking: the self-employed health insurance deduction. This allows you deduct the cost of health insurance premiums paid for yourself, your spouse, and your dependents, including your children under the age of 27, even if they aren’t claimed as dependents on your tax return. Why [...]
Great question! Filing a tax extension refers to a process by which taxpayers can request additional time beyond the original tax filing deadline to submit their tax returns to the Internal Revenue Service (IRS). In the United States, the standard tax filing deadline for most individuals is typically April 15th each year, unless that date falls [...]
As we move past the April 15 deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after April 15th. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the deadline: the failure-to-file penalty, the failure-to-pay penalty, and interest [...]
What are estimated tax payments? Estimated tax payments are required for individuals who expect to owe at least $1,000 in tax after subtracting tax withholding and refundable credits. These payments are generally due on a quarterly basis. These due dates are listed below: Q1 - April 15 Q2 - June 15 Q3 - September 15 Q4 [...]
