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 [...]
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, [...]
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 [...]
Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2023 tax season. I will receive a 1099-NEC, but I also have some W-2 income from a company job. How many different returns will I have to file? Great question, and I am glad to hear you are thinking ahead! Let’s start with [...]
Hi Abe! Who can I claim as a dependent? Great question! In the United States, a dependent is generally an individual who relies on someone else, typically a taxpayer, for financial support. The IRS has specific criteria that determine whether someone can be claimed as dependent on a taxpayer’s federal income tax return. They must be [...]
Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am getting all turned around when I try to ensure that everything is included. Where do I need to start with expenses, and what all factors in to the business?Tax season can be a stressful time as a business owner. Fortunately, [...]
Hey, Abe! Things have been pretty busy with my business, and it’s looking like I may not be able to file in time. Should I be worried? What do I need to do? You are not alone. It isn’t easy balancing the workload when you are self-employed. Fortunately, the IRS understands this as well and gives [...]
Abe, I am planning out my final contributions for 2022 with my IRA. How long do I have to submit that for the tax year 2022 and while you’re at it, what are the contribution limits? What a great time to be planning out those retirement contributions. You are setting yourself up for success! First things [...]
Hi Abe! I own a trucking business and taxes are the last thing I want to worry about each year. It is tough to find the time to get my documents together while ensuring I haven't missed anything, and on top of that, I've got my business to run. Is filing taxes really that important? What [...]
