With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020.
Tax Education Home Page
The education you can't find anywhere else
Stay up to date on the latest finance & tax changes
Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership.
Why you should subscribe
- Simple clear articles on relevant topics
- How to improve your business
- Dispelling financial myths
- Important updates & tax deadlines
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:
The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.
As such, it's always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare:
If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know:
The federal tax deadline is quickly approaching. If you owe money to the IRS - including estimated and other business taxes - here are six options for quick and easy electronic payments:
If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The deadline is normally June 15.
When filing a tax return, mistakes such as the common errors listed below can result in a processing delay - and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent or another knowledgeable tax professional is usually the best way to avoid this. With this in mind, here are eight of the most common errors taxpayers make when filing their returns:
If you've lost your job you may have questions about how it could affect your tax situation. Here are some answers:
As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions: