Next Quarterly Estimated Tax Payment Due 9/15
The due date to file and pay the next quarterly estimated tax payment is 9/15. This quarterly estimated tax payment is especially applicable to taxpayers who earn income not on a W-2 or in addition to a W-2. It commonly applies to self-employed taxpayers, but it’s also relevant to taxpayers who receive passive income, such […]
Tax Filing Due Dates Approaching
The deadline to file both Partnership and S-Corp business tax returns is 9/15, and the deadline for filing Individual/personal tax returns is 10/15 if an extension is filed. If your business or personal tax returns have not been filed, it’s critical to reach out to your accountant/CPA to get moving. This is especially applicable if […]
The New Trump Accounts for Children Explained
The new Trump Accounts for children provide a head start for millions of American children. The Trump Accounts have caught the attention of many taxpayers, and I will try to address some common questions that I have been receiving. First and foremost, Trump accounts can be opened for all U.S. children under 18 with a […]
STAR Credit Payment Details
New York State homeowners can expect a direct deposit in their bank account or a check in the mail. This is a refund of a portion of property tax paid and is part of the School Tax Relief (STAR) program, which provides property tax relief to NYS homeowners. Timing of receiving the STAR credit varies […]
The significance of the half-way point of the year
The beginning of July marks the halfway point of the year. In the world of business and tax & accounting, the halfway point has critical meaning for reporting and historical analysis of how the business is doing so far. Here are some points to consider: • As the halfway point in the year, it’s a […]
Taxpayers right to challenge the IRS
It’s critical for taxpayers to understand and know their rights in relation to the IRS, and one of these rights is the ability to challenge the IRS. Yes, you read that right – taxpayers have the right to challenge the IRS and do not need to take what the IRS says without a challenge or […]
Info on the 2nd Quarterly Estimated Tax Payment
As the middle of the year draws near, it’s important to be aware of some key deadlines. First and foremost, if you have not filed your 2025 tax return, now is a great time to start the process. Below are some due dates to be aware of in June: • Quarterly Estimated Tax Payments are […]
Importance of Filing Tax Returns on Time
Filing tax returns on time is absolutely crucial. Filing tax returns late or very late, for example, not at all, can lead to huge issues. Here are some examples that have crossed my desk: • An individual taxpayer didn’t file taxes for years, and when they finally filed, it was too late to receive any […]
Importance of filing a complete tax return and including all income
Filing a complete tax return and including income from all sources is crucial. To start with, taxpayers are required from a compliance perspective to report all income earned, whether or not they receive formal income documents, such as a 1099-NEC. Additionally, and importantly, the IRS receives many income documents directly from those that issue them, […]
The importance of Bookkeeping
Bookkeeping is critical for any business or organization. Newer businesses or organizations may not initially understand the importance of bookkeeping, but they need to invest in it from the onset. I have personally seen businesses and organizations severely affected because they didn’t have proper bookkeeping or didn’t want to invest in it. Here are some […]