As a driver, you’re used to navigating long hauls and managing your time on the road. But when it comes to your finances, especially with a child heading off to college, the journey can seem just as challenging. Proper tax planning can make a significant difference in managing the costs of higher education. This guide will [...]
Great question. If you purchase a lottery ticket or gamble at a casino and win big, you need to be prepared for potential tax implications. First, if you win, your gambling winnings are fully taxable and must be reported as income on your tax return. Reportable income includes winnings from lotteries, raffles, horse races, and casinos. [...]
Why you may have received a notice from the IRS With the April deadline behind us and 2023 tax returns being processed by the IRS, you may receive a tax notice. Receiving a letter from the IRS can be intimidating and raise numerous questions. At Abacus, we are here to assist you. Here are a few [...]
Do you know these tax facts? As you enjoy the mid-June sunshine, take a moment to brush up on some important tax facts. In this post, you’ll find answers to commonly asked questions and useful tax tips that can help you navigate various financial scenarios with confidence. Did you know you can claim a dependent who [...]
Hey Abe! Can I run a second business under my trucking LLC? Abe: Oooh, Thanks for asking this one. The answer to this question is technically yes, however it is often not wise to run multiple businesses under the same single-member Limited Liability Company (LLC). Here are a few reasons why: First, you must consider what [...]
As we move past last month's 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 charges. [...]
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 [...]
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, [...]
