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With Just Days to Go, Tax Time is Upon Us! Do You Need an Extension?

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?

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Posted by: Charles P Myrick CPA Posted on: Mar 02 2023

Good Tax Planning Never Leaves Money on the Table

Three kinds of taxpayers are doing their taxes incorrectly: those who are waiting for a refund, those who are dreading doing their taxes, afraid of owing as much as they did in the prior year, and those who have actually haven't got a clue as to what their taxes will look like once the dust settles. What they all have in common is insufficient planning, and each of them should take time to sit down with a Certified Public Accountant (CPA) and start planning for next year - because good tax planning never leaves money on the table.

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The Best Ways for Individuals and Families to Prepare for Tax Season

“Preparedness is the ultimate confidence builder” – Vince Lombardi

The time for reporting income taxes is here once again. For many, it’s a time of high anxiety, but it doesn’t have to be. As with most daunting tasks, a little preparation can go a long way toward alleviating stress and assuring smooth progress. Time spent organizing and uploading your documents prior to your virtual appointment with your CPA will serve you and your tax preparer well on multiple levels. 

For example, as you are putting your files in order, it will likely refresh your memory of events throughout the year, which may affect the amount of taxes owed. Better yet, being prepared will inevitably cut down on the time needed to complete tax filings, since there will be less back-and-forth between you and your CPA. Here are some of the best ways for individuals and families to prepare for tax season.

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Posted by: Myrick CPA Posted on: May 26 2022

Wondering Where Your Tax Refund Is?

We are now almost six weeks from the tax filing date of April 18, and some of you might be wondering where your tax refunds are. Here are some helpful suggestions about how to check on your refund.

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Posted by: Myrick CPA Posted on: Mar 24 2022

Why You Should File Electronically As Soon As Possible

COVID-19 and the resulting shutdown in 2020 disrupted nearly everything in our society and almost every business and institution. Many are still dealing with the repercussions, whether involving supply chain issues or employee shortages. One of those institutions greatly impacted by the pandemic is the IRS.

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Posted by: Charles P Myrick CPA Posted on: Jun 14 2021

Extension Filers: Why It's Still A Good Idea to File Sooner Rather Than Later

Some don’t think filing early is a big advantage, especially if they plan to get a refund and won’t be penalized for late returns. Others file extensions to defer paying taxes. Here are some of the reasons you should think seriously about filing your tax return as early as possible from year to year.

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Posted by: Charles P Myrick CPA Posted on: Feb 11 2021

Getting to Zero - Why You Don't Want a Tax Refund

Many people think of spring as a special time for getting your income tax refund. We dream about how we want to spend it all year, on anything from a vacation to splurging on an expensive item we couldn’t usually afford. And why not? It’s an unexpected windfall from the government, right?

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Posted by: Charles P Myrick CPA Posted on: Jan 14 2020

Why Hire a CPA to Do Your Taxes?

Tax laws have gotten complicated in recent years and professional CPAs not only keep up with tax law changes, but also know how to use them to a client’s advantage. In fact, there are many situations in which hiring a CPA could save you a lot of money.

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Posted by: Charles P Myrick CPA Posted on: Jan 07 2020

Personal Finances Tip: Don't Overpay Your Taxes

In order to save money you may do your own personal income tax every spring. While that might seem like good money management, there are a lot of ways you can pay too much without knowing it. Read on to learn a few signs that may indicate whether you are paying more than you need to.

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Posted by: Charles P Myrick CPA Posted on: Jan 29 2019

Why Schedule E is So Important for Landlords

If you are investing in rental properties, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.

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