Taxes

Should I Take a Tax Extension or Rush to File My Tax Forms?

Should I Take a Tax Extension or Rush to File My Tax Forms?

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Should You Take a Tax Extension or Not? I’ve taken a tax extension for our personal taxes and business taxes for several years. I’m not normally a procrastinator. Actually, I usually beat my work deadlines. So what’s up with the tax extension? Should I take a tax extension? Here’s my situation, each year we have at least 4-5 returns to oversee. Some I do on my own, others I pass on to our accountant. But even if you hire an accountant, it’s almost as difficult as completing the taxes on your own with a tax preparation program, if you have a...

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Short and Easy Small Business Tax Preparation Checklist

Short and Easy Small Business Tax Preparation Checklist

By in Personal Finance, Taxes, Tips | 0 comments

At age 16, I started my own business. I went door-to-door selling Avon products. I loved those little samples the company provided to me to give out to potential customers. Over the years, I’ve sold handmade hippie shirts, worked as a Career Counselor, sold real estate and now run my own financial media company. Aside from the financial rewards, the tax benefits are fantastic. If you have a side hustle, you need this small business tax preparation checklist.  I came from a family of entrepreneurs, my Mom, Dad, Grandmother, Aunts and Uncles on both sides were all entrepreneurs. A...

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Top Tax Reads to Slam Your IRS Bill

Top Tax Reads to Slam Your IRS Bill

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I’ve been writing quite a few tax articles recently. What I’m realizing is that the more I research the tax system, the more complicated it seems. In order to help you with this daunting seasonal task of preparing your taxes, I’m going to share some of the top tax articles I’ve been reading (and a few that I’ve written). Hopefully, these top tax reads will take a bit of the sting out of tax season. Top Tax Reads “Taxes: What’s New for 2016?” by Rande Spiegelman at Charles Schwab “How to Save Over $1,000 on Your Tax Bill” by Emily...

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File a Tax Extension-Save Time, Reduce Stress

File a Tax Extension-Save Time, Reduce Stress

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Filing a Tax Extension Advantages “A tax extension is an extension of time to file your tax return. However, it is not an extension of time to pay your entire tax bill.” efile.com Federal Taxes are due on April 15th. Why I’m Filing an Extension for Last Year’s Tax Returns I used to believe that it was a character defect to get an extension on paying taxes. I didn’t realize that as long as the bill is paid in full by the due date, then there’s no harm in delaying the paper work. And the IRS gives you six months, until...

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How to Handle a Tax Audit; the IRS Says I Owe $25,000

How to Handle a Tax Audit; the IRS Says I Owe $25,000

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The Dreaded IRS Tax Audit Letter The thick IRS letter arrived and I assumed it enclosed the tax forms I ordered. I was wrong. The letter contained a list of 5 sources of income that were not included on my 2010 tax return. Total bill due the IRS including penalties and interest, $25,000.00. Panic set in. Ironically, 2010 was the year I was exceptionally familiar with the tax law as I served as a VITA volunteer tax preparer for the IRS. What was going on? I caught my breath and raced upstairs to my home office to look for...

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Top Ten Tax Saving Tips

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With April 15th looming just around the corner, many people are still scrambling to file taxes (unless they filed for an extension). If you have not filed your taxes yet, one of these 10 tips might help you maximize your tax return this year. Guest Contributor, Alexandra of Real Simple Finances.com 1. Choose your tax preparer carefully. Some people prefer doing their own taxes. Doing your taxes yourself can be cheaper, and you usually have better insight into your own situation than your accountant will. Personally, I visit a CPA. My accountant is wonderful to work with, and although it does...

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