If this year's tax return was more painful than you expected, you're not alone. Surprises can happen when you're not actively planning. Still, a surprise bill or a smaller refund than you'd hoped for can throw off your entire financial rhythm. That's why right now is the best time to take control of next year's outcome instead of waiting for the tax season to catch you off guard again. Meeting with a CPA in the off-season can help you analyze the previous year, gain an understanding of what happened, and make recommendations as to what to do differently going forward.
Filing for a tax extension gives you more time to submit your return, but it doesn't mean you're able to hit a pause button on the entire process. If you filed for an extension this year, here's what you need to know about the months ahead, including key deadlines, special rules, and when to bring in a CPA.
Lots of people only think about taxes once a year, typically around the April deadline. But keeping up with your tax situation throughout the year can save you money and help you avoid surprises. You don't have to own a business or have a complex financial life to benefit from it. Anyone who wants to feel more in control should consider a year-round approach. At Myrick CPA, we help our clients plan ahead so tax season doesn't catch them off guard. Here are a few steps you can take now to make filing easier later.
Health Savings Accounts (HSAs) can be a powerful tool for covering medical costs while offering long-term financial benefits. If you already have an HSA or are thinking about opening one, now is a good time to understand how upcoming changes from the IRS will affect your account.
If the thought of getting a letter from the IRS makes your heart race, you're not alone. Tax audits stir up anxiety for most people, even when they've done everything right. One reason for that is a common misconception: many people perceive that the IRS has unlimited access to your personal and financial life. The truth is, you have a ‘bill of rights’, as it pertains to tax matters. Understanding these rights can help you stay calm when dealing with communication from the IRS.
Gifting money to your children, grandchildren, or other family members can feel profoundly rewarding. In some cases, it's also a smart financial move. Whether you're helping a child with college tuition, gifting money for a down payment on a home, or simply sharing your success, generosity has its place in many financial plans. But when giving is part of your estate strategy, it's crucial to understand how the IRS views those gifts, and whether they are taxable or not.Here are some things to consider when gifting money and how the right planning can help you support your family without triggering unintended financial consequences.
If you're self-employed you understand the unique pressures of tax season all too well. Unlike traditional employees, you don't have taxes withheld from your pay so it's up to you to stay on top of everything. There is a bright side, though: you can access a wide range of tax deductions with the potential to lower your bill if you know what to look for.
Many people approach tax planning as a once-a-year scramble before the filing deadline, but this short-term thinking can cause you to miss valuable opportunities that a longer view can provide. When you look beyond just this year's tax return, and plan for the long haul, you'll keep more of your money, grow your savings faster, and build something lasting for your family. Think of it as planting financial seeds today that your family can harvest for generations.
Tax season brings more than filing deadlines and the hustle and bustle of collecting all your financial documents; unfortunately, it also brings an increased risk of tax identity theft. Scams of all kinds are on the rise, including those in which bad actors take advantage of stolen personal information to file fraudulent tax returns. Even worse, they're often able to pull it off before the rightful taxpayer submits their own. All too often, people don't realize they've fallen victim to this particular scam until the IRS rejects their legitimate tax return because one has already been filed in their name.
Understanding how tax identity theft happens is the best way to be prepared and safeguard your financial security. Here's what you should know about tax identity theft, how it happens, and how to protect yourself.
Most people assume their tax preparer's job is done once their tax return is filed. But what happens if, months or even years later, the IRS sends a notice or requests more information? Not all tax service providers offer long-term support after tax season, which can leave taxpayers scrambling to respond to IRS inquiries on their own. Myrick CPA takes a different approach. Our Tax Service Guarantee provides ongoing protection, ensuring that if the IRS or state tax authorities reach out, you have a trusted professional handling the situation from start to finish.