Late Filing & Late Payment Penalties: What you need to know

All of us are aware that April 15th, was the tax deadline for individuals that did not file an extension. If you are due a refund, there is no penalty for filing your tax return late. However, if you owe tax, and you did not file and pay on time, you will most likely...

Miscellaneous Deductions – Things to know

There are certain miscellaneous costs that you pay during the year you may be able to deduct. Some examples include employee expenses and fees that you pay for tax advice. These deductions could lower your tax bill if you itemize. Below are facts the IRS wants you to...

Paying a Tax Bill – Five Tips to Avoid Extra Charges

Tax bills from the IRS should not be ignored. A delay in payment can lead to more interest and penalties that need to be paid. Below are five tips from the IRS to avoid extra charges: 1. Pay electronically – Paying your bill(s) with the IRS electronic payment...