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 [...]
With the fall tax deadlines behind us, it’s tempting to take a well-deserved break from all things tax-related. However, taking a proactive approach now, in the fall, can save you time, money, and stress when tax season rolls around again in the spring. Here’s why a little fall planning can make all the difference: 1. Reduce [...]
In today’s economic landscape, the rising costs of goods and services are becoming increasingly difficult to ignore. With inflation rates fluctuating, it’s crucial for individuals to take a proactive approach to managing their finances. One of the most effective strategies to navigate these financial challenges is through budgeting. Understanding the significance of budgeting, paying taxes, and [...]
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 [...]
Beneficial Ownership Information reporting is new in 2024 Changes are underway for business owners. As of 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 [...]
Do you feel lucky? Have you ever purchased a lottery ticket, scratch off, or gambled in a casino? Many Americans have. According to the National Council on Gambling, approximately 85% of all US adults have gambled at least once in their lives. Taxpayers need to know the tax implications that comes when you hit the jackpot. [...]
Why You May Have Received a Letter From the IRS We have noticed an influx of clients receiving tax notices now that the April deadline has passed and 2022 returns are being processed by the IRS. Receiving a letter from the IRS can be intimidating and can lead to many questions. At Abacus, we are here [...]
Preserve your right to work! What states can do to prevent you from driving. If you owe and do not file your taxes, the IRS can garnish your wages and you can LOSE your license to drive. Abacus CPAs has researched and found that different states have their own laws regarding tax debt amounts and the [...]
Now that the April 18th tax deadline has passed, individual taxpayers need to understand the penalties and interest that can accrue if the tax amount due was not paid by the tax deadline. There are three different penalties the IRS can assess for not paying your taxes and filing your tax return by the April 18th [...]
Every year, Abacus CPAs serves people that are in retirement, and every year, some still have to pay taxes on their Social Security benefits. Not everyone pays taxes on Social Security, and the amount of tax you will be assessed on your benefits is dependent upon other income you received throughout the year. Only those that [...]
