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Ready to File? This Tax Records Checklist Will Help

Posted by Scott Farnes on May 13, 2020 8:03:00 AM

If you're a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do - before visiting your tax preparer - is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

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Topics: Taxes, Record Keeping, Tax Return, Tax Preparation

Reporting Tip Income: The Basics

Posted by Taylor Bennett on Mar 25, 2020 8:17:00 AM

The short answer is yes, tips are taxable. If you work at a hair salon, barbershop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is taxable income. Here are a few other tips about tips:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Preparation

Six Facts About Form 1040-SR

Posted by Taylor Bennett on Mar 5, 2020 8:17:00 AM

Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know:

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Topics: Taxes, Tax Return, Tax Preparation

Figuring out Your Correct Filing Status

Posted by Taylor Bennett on Mar 3, 2020 8:03:00 AM

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return.

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Topics: Taxes, Tax Preparation

Do You Need to File a 2019 Tax Return?

Posted by Scott Farnes on Feb 12, 2020 8:05:00 AM
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Topics: Taxable Income, Taxes, Tax Deduction, Tax Credit, Tax Return, Tax Preparation

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