As the end of the year approaches, it’s easy to get caught up in the holiday rush. Still, setting aside a little time to organize your tax documents now to get ahead of the time crunch can save you stress heading into the new year.
Here are some simple ways to get your documents in order and tips on setting up your tax planning meeting.
When it comes to tax documents, it's not uncommon to find yourself wondering how long you should hold on to them. Whether you're an individual or a small business owner, organizing and storing tax records can feel overwhelming, especially if you're dealing with cumbersome stacks of paper. But how long do you need to keep these records, and should you stick with paper or switch to digital storage? Let's go over the best practices for keeping tax documents and what you need to know about staying prepared in case of an audit.
There's no denying that we're living firmly in the digital age, and the way that we handle financial documents has shifted dramatically over the last decade or so. While digital records are becoming more prevalent, it's still vital to understand which paper documents need to be retained and for how long. If you're ready to nail down the essentials of document management, here are some tips to help you responsibly declutter.
It's tax time again, which often means a flurry of activity, a blizzard of paperwork, and an avalanche of mixed information. Arguably, one of the most important decisions you'll face this tax season is whether to take the standard deduction or itemize your deductions. This seemingly minor decision can have a massive impact on the complexity of your filing process but can still be the best choice in many situations. Explore the world of itemized deductions to equip yourself with the knowledge you need to make an informed decision tailored to your unique tax situation.
Facing an IRS audit or dealing with a complex tax issue can feel a bit like navigating an endless, highly complicated maze. While the IRS does provide resources and information, the process can be incredibly overwhelming, leaving you feeling unsure and out of your depth. In these situations, understanding your options and seeking professional support becomes crucial. This is where third-party representation comes in, offering a valuable solution to individuals and businesses facing tax challenges.
Winter weather may still be hanging around, but for financially-minded folks, a different kind of chill is in the air – tax season is upon us! While April 15th might feel like a distant date on the horizon, it's approaching rapidly. This begs the question: early-bird filing or a last-minute scramble? There is no magical, one-size-fits-all answer; it all boils down to your unique financial situation and goals.
While many routines in life remain consistent, the tax code isn't one of them. Every year brings adjustments, and 2023 is no exception to that rule. Several vital changes, driven by inflation, have impacted everything from tax brackets to retirement contributions, but don’t fret - some of the changes might even be beneficial. Read through to get a clear breakdown of what's new, and the ways in which it will (or will not) affect your tax status this year. If you need expert tax advice or clarification on any of these adjustments, arrange a meeting with your CPA or other professional tax preparer.
When tax season approaches, it’s always a good idea for parents and guardians to familiarize themselves with the current rules for claiming dependents. Doing so can lead to valuable tax benefits but also comes with highly specific eligibility criteria and guidelines. Delve into the intricacies of claiming dependents on your income taxes and empower yourself with the knowledge you need to make informed decisions, maximize tax savings, and ensure full compliance with tax regulations. Here’s what you need to know about the tax rules for claiming dependents.
June isn't just a time for soaking up the early summer sun; it's the most popular month for couples to get married. About 10.8% of engaged couples will set a date sometime in June, which edges out August for the most wedding-saturated month of the year. Whether you’re having a small or large ceremony, a reception for 20 or 200, you have likely been making plans for months or even years. In the midst of all the excitement, you probably won’t be thinking about your tax filing status. When tax time rolls around next year, here’s the information you’ll need regarding how tax filing status changes for married couples.
Love it or hate it, tax time is looming large. (Not that we think many of you love it, unless of course you’re receiving a tidy sum in a refund). All through the winter, and into spring, you try to stop thinking about it (or you've completely forgotten), but the deadline is drawing very near. You are supposed to get your taxes filed before the 18th of April, and there's no time left to tip-toe around the topic. With just days to go, tax time is truly upon us! Do you need an extension?