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'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, [...]
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 [...]
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 [...]
Beware of fraudulent messages about BOI reporting The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) reported fraudulent attempts aimed at gathering information from individuals obligated to report under the Corporate Transparency Act. How do I know it's a scam? Be aware of any email or letter you may receive titled [...]
With all of the tax work finally finished for the year- whether that was the original spring deadline or just recently completed in mid-October- individuals, businesses, and tax preparers may be tempted to take a big exhale and take a break from thinking about taxes until the new year. However, there are significant benefits to taking [...]
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 [...]
Whether you are planning to start a family or have children and want to reevaluate your spending, it’s important to plan for the expenses of having children. According to CBS news, the cost of raising a child from birth to 18 is nearly $240,000 BEFORE college. That’s a yearly average of $13,000 - $14,000 per child. [...]
