Learn more at H&R.

Learn Income Tax, Federal Income, Taxation, and more with these simple, visual, stress-saving financial tips from Napkin Finance.

Tax season doesn’t have to be a yearly struggle! Knowing what you need to prepare can make tax season a breeze when using the free printable Income Tax Prep Checklist.

Learn Income Tax, Federal Income, Taxation, and more with these simple, visual, stress-saving financial tips from Napkin Finance.

Let's talk about some expenses entrepreneurs can write off on their taxes, now. June 2024

Taxes. They come in many forms. Some are hidden: corporate taxes are built into the cost of goods and services you buy; excise taxes are included into products like gasoline. Others are more visible like sales and property taxes. And then we come to the most visible and dreaded tax of all: income tax. When people complain about taxes they are usually talking about income taxes. Avoiding income taxes should be easy considering the size of the tax code and the millions of loopholes available. And that is the problem. The tax code is so big that it is daunting so most people have their eyes roll back in their head when they should be facing the tax code head on.

Middleton & Company offers financial planning and investment advisory services in Vancouver, WA. Read our post, "Understand Your Tax Documents."

What can taxpayers do if they owe back taxes? It can be a difficult situation but knowledge of the IRS collection system will help solve this problem.

I reveal the average cost for tax preparation services, plus how to prepare your tax return and how to save money on professional tax prep services.

Tax time is just a few months away and it helps to know the types of tax deductions that help people save some money. Be in the know come tax season.

Tax season doesn’t have to be a yearly struggle! Knowing what you need to prepare can make tax season a breeze when using the free printable Income Tax Prep Checklist.

This Tax Return Checklist allows you to have all the documents, information and forms to successfully file your taxes. It can be overwhelming when you’re unsure of what exactly you need to file taxes with. The list includes the core necessary items required to file. This form is based of the US Tax Return and File system so the information correlated with the things needed in the United States. Never be unsure or overwhelmed with taxes again. Tax Return Checklist,Tax Prep,Tax Deductions,Tax Prep Checklist,Tax Log,Tax Return Template,Tax Return,Tax Template,Tax List,Tax Return

Tax deductions are a great way to lower your taxable income and in return pay less in taxes to the government. We all know the typical tax deductions like charitable giving but today I’m going to share 9 tax deductions that you are probably overlooking!

Are you self-employed? If so, how do you know which business expenses you can deduct?

To prepare for tax season, understand your filing status, gather all tax documents, decide whether to file yourself or use a tax preparer, maximize retirement contributions, and adjust your tax withholding to ensure you pay the proper amount throughout the year.

As much as you hate paying taxes, it’s something you can’t escape from. IRS aggressively pursues anyone who owes the government money, and they’ll come knocking at your door sooner than later. According to the organization, they had 14 million open cases in 2018 alone. The most concerning piece of information is they’ve increased the number of cases against taxpayers with incomes below $25,000. In other words, the fact that you don’t earn much doesn’t save you from this notorious agency. Still, it's not the end of the world, even if you owe a lot of money to the government. There are ways you can tackle the problem, reduce the tax liability and stay away from jail. In this article, we talk about 5 ways to deal with the IRS and come out on top. 1. Address the issue The worst thing you can do is let the problem simmer. As we’ve just mentioned, IRS has been more aggressive in the last few years, increasing the number of cases against both high and low earners. Whatever the case, you should report your earning at the agency. Even if you’re unable to pay your taxes, you should at least look for an extension. Otherwise, you’ll have to tackle penalties for late filing, which can go all the way to 25%. Aside from late filing, you also need to pay attention to underpayments. Trying to bamboozle IRS will come back to bite you, and you'll have to deal with a similar penalty that goes up to 25%. In fact, most people are shocked by how quickly their taxes rise. 2. Use financial misfortune If you're a rich person who just wants to make a profit off of the government, you're in for a rough ride. However, if you're suffering a true financial misfortune, IRS might give you a helping hand. Taxpayers have the option of filling out Form 656. By submitting this document, there's a chance the IRS will write off a part of your debt (presuming financial struggles). High healthcare expenses, low income, and diminished job opportunities are just a few things that can make you eligible. Still, IRS rarely forgives debts. So, while you can apply for a reduction, we suggest that you don’t get your hopes up. 3. Hire an attorney The potential punishment increases with the debt. As mentioned, it isn’t uncommon for people owing big bucks to end up in prison. Whatever the case might be, we suggest you hire a tax relief attorney for any debts above $10,000. These professionals know how to negotiate with the agency. They might not get you off the hook for payment, but they might help you stay away from jail. Furthermore, a savvy attorney can help reprogram the debt making the payment more feasible. Another benefit of tax attorneys is that they can help you avoid a tax lien. That way, you can settle the score with IRS without suffering any damage to your credit score. Be sure to research into local tax attorneys so you can find the right one for you. Alternatively, you can search online using your location, for example "Tax Attorney Portland OR", if you need to find one faster. 4. Settle a minor debt If your debt is below $10,000, you don’t even have to hire a lawyer. Instead, we suggest you head out to the nearby IRS office and settle the case yourself. In these situations, hiring a lawyer is usually counterproductive as it might cost you more than you can save. A taxpayer can access Form 9465 online. This is a document that allows you to pay off your taxes in installments. The specialists will take a look at your case and create a plan that will make it easier to settle the debt. Keep in mind you can only use this form if you owe less than $10,000. Applying for a plan allows you to stretch the payment over 36 months, during which you'll need to pay off the basis plus interest and penalties. 5. Streamlined agreement Ideally, you should be gunning for a streamlined installment agreement. This is a type of settlement geared toward larger debts. You can apply to a streamlined agreement if you owe the government up to $100,000. A taxpayer needs to file for previous tax returns and shouldn't be a part of any other IRS payment plan in the last five years. A streamlined agreement also doesn't work if you're in the process of bankruptcy. If you're able to close this agreement, you can gain some major benefits. For example, IRS might stretch your payment over 84 months. With a waiver, it might go even longer. And if you agree to payroll deduction or direct debit plan, the IRS won’t use tax lied.

Tax time is just around the corner!! I make a Tax Binder every year for our taxes. We have filed our taxes at home on our computer for the last 2-3 years, but now that my husband is starting a busi…

Need help with tax preparation and filing services? Whether it's a basic tax return or a complex tax situation, we'll get you the best outcome possible.

Learn more about the different IRS tax brackets and find out which tax bracket you and your family fall under.

Confused about how to file a 1099? Get the details about filing a 1099 plus a free checklist.

What To Bring To Your Tax Appointment

It’s tax season! What three things does your tax professional (Certified Public Accountant or Enrolled Agent) need to prepare your business income tax returns? 1. Financial statements Your tax professional will need to study your accounting records. While you can share your paper records, most companies prefer to have their tax professional directly access their […]

If you are self-employed, you are probably used to handling your own taxes come April. But did you know that as a business owner, you are also responsible for making estimated tax payments throughout the year? Estimated taxes are essentially pre-payments for your annual tax liability, and are typically due four times per year. In […]

Discover the difference between pre-tax vs. post-tax deductions. Learn through examples, and check out the summary infographic.

Check out the 7 tax deductions that most small business owners forget to write off and how tracking these will save you big bucks at tax time.

Do you want to know what to bring to a tax appointment this year? As you begin to prepare for your tax advisor to complete your ...

Many business owners are surprised to learn that taxes are one of their biggest costs. Soul crushing, right?! That’s why it’s so important to be aware of as many deductions and credits as possible to keep more of your money in your pocket! PS – Download this entire list in PDF form to keep handy […]

Learn how to claim self-employed expenses on your tax return. Find a comprehensive list of allowable expenses for UK self-employed individuals

This spreadsheet compares 2023 taxes and 2024 taxes side by side. The 2023 values can be entered on the left side and copied to the 2024 values on the right. Tax information includes income from W2, self employed 1099(Etsy), capital gains, and business tax. Tax information can be saved to plan for multiple years. The Tax Planner spreadsheet will save all your tax document values and estimate your 2023 taxes before sending your documents to a tax preparer or entering into tax software. The spreadsheet can have strategies side by side to find ways to save on taxes. The spreadsheet shows how your taxes are calculated by showing the marginal rate (the next dollar) in the tax brackets. The spreadsheet has an above AGI deduction (HSA,IRA) area and shows that tax savings by using these deductions. The itemized deduction area can sum your deductions to see if you should take the standard deduction or itemize. There is a Roth Conversion calculator to see what the future value of the conversion and taxes saved by switching from IRA to Roth. The spreadsheet also can calculate the right amount to convert to keep you in the tax bracket you want to stay in.

If you have decades of tax records and receipts and are wondering how long you need to keep your tax returns, here is what you need to know

This post is brought to you by TurboTax. While this post was sponsored by TurboTax, all content and opinions are my own. TurboTax has given my readers 10% off the new TurboTax Self-Employed! It is almost tax

Having a work at home job offers convenience and flexibility. And you can also benefit from the number of taxes you can write off when working from home.

Today, I’m talking more in depth about getting your financial paperwork organized for year-end so that you’re ready for tax prep.

Where do you take tax preparer classes? What is the tax preparer exam like? How much does it cost to be a tax preparer? I'm a bookkeeper, and I actually don't do tax prep for clients, but I talked in-depth with my friend Amy about her experience becoming a tax preparer, and today I’ll answer all t

DIY tax prep may seem like a smart way to save money, but it can cost you down the road. Learn why you should consider hiring a CPA to help.

Thanks IRS, but I don't need another reminder that I'm single.

If you have decades of tax records and receipts and are wondering how long you need to keep your tax returns, here is what you need to know

This Tax Return Checklist allows you to have all the documents, information and forms to successfully file your taxes. It can be overwhelming when you’re unsure of what exactly you need to file taxes with. The list includes the core necessary items required to file. This form is based of the US Tax Return and File system so the information correlated with the things needed in the United States. Never be unsure or overwhelmed with taxes again. Tax Return Checklist,Tax Prep,Tax Deductions,Tax Prep Checklist,Tax Log,Tax Return Template,Tax Return,Tax Template,Tax List,Tax Return