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 approach the April deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after the tax deadline. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the April 15th deadline: the failure-to-file penalty, the failure-to-pay penalty, and [...]
Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am unsure that I’ve included everything. Where do I need to start with expenses, and what factors into the business? Tax season can be a stressful time as a business owner. Fortunately, we have options, so it doesn’t have to [...]
After your tax return is prepared, a member of the Abacus team will reach out to discuss the results. Expect an encrypted email with a link for reviewing and signing your return. Once you’ve completed this step, we’ll file your return electronically. While the e-signature process is usually straightforward, you may have questions. We’ll go through [...]
Hey Abe! I'm getting ready for this upcoming tax season. How do I know which filing status to select? Great question! I’m glad you’re starting to prepare for tax season now. To determine your filing status, consider your marital status and living arrangements at the end of the tax year. Here’s a quick guide: Single Unmarried, [...]
While every American who earns an income has to pay taxes, many taxpayers can reduce how much tax they owe by claiming deductions and credits. Claiming dependent can be a great way to lower your tax burden if you have provided more than half of the person’s financial support for the tax year. However, it is [...]
When it comes to saving for purchases, whether it's a vehicle, a house, or something of large value, there are several factors you need to consider. The first thing you need to determine is what is it that you need? Yes, we want the nicest house on the block or the newest car on the street, [...]
Investing in an Over the Road (OTR) Truck, Trailer, or Auxiliary Power Unit (APU) represents a significant financial commitment for truck drivers. Understanding how these operating expenses will impact your taxes is crucial, and exploring various financing options—whether through cash, credit, or leasing—is essential. Leasing Options: Operating Lease vs. Finance Lease When considering leasing, it's [...]
Hey Abe! I’m considering purchasing some assets for my business, such as a tractor and maybe a trailer to go with it. What kind of benefit do I see, and what records do I need to keep for these purchases? You are asking all the right questions and are planning ahead, which is great! One thing [...]
Beneficial Ownership Information reporting is changing in 2024 Changes are underway for business owners. Starting January 1, 2024, certain business owners will need to report beneficial ownership information(BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury. Q: Will my business have to start reporting? All businesses will need to [...]
