Do I Need to Make Federal Estimated Tax Payments?

Photo of man and woman looking over paperwork.

A common concern that I often find that clients have is whether or not they need to make federal estimated tax payments. What are estimated payments?  Estimated payments are quarterly payments that you make to pay your actual or projected tax liability for the current tax year. Estimated payments are needed when you have taxable […]

What If I File An Extension

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As a tax practitioner, I have seen the prospect of filing an extension put some taxpayer’s minds at ease and create anxiety for others.  So, what is an extension and what is the harm, if any, of filing an extension to give you more time to file your tax returns? A “Form 1040” federal extension […]

Which Type of Tax Preparer is Right for You?

Photo of computers and hands of people workin on taxes.

If you are considering hiring a tax preparer this year – you have the following options to choose from: an uncertified tax preparer, an enrolled agent, or a CPA. Which type of tax preparer is right for you?An uncertified tax preparer does not need to have a degree or meet experience requirements. They just have […]

Tips For The Gig Economy

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If you are one of the 57 million U.S. workers who reap the benefits of working in the gig economy, then this article is for you.  “Gig” or sharing economy refers to the growing trend in today’s workforce of people working as freelancers, part-time employees, or independent contractors. Examples can include ridesharing or food delivery […]

Employer Retention Credit

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The Employee Retention Credit (ERC) is a program that was designed to provide financial assistance to employers that were required to shut down during the Covid-19 pandemic or were unable to conduct regular operations due to government orders, but were able to keep their employees on the payroll.The periods that qualify for the ERC, begin […]

Do You Qualify for the New Federal Student Loan Forgiveness Program?

Student Loan Forgiveness Qualifications Under the new federal student loan forgiveness program, qualified taxpayers could be eligible for up to $10,000 in Federal student debt relief (or $20,000 if they received a Federal Pell Grant) on Federal student loan balances owed prior to June 30, 2022. Private student loans do not qualify for forgiveness. To […]

Do I Need to Make Federal Estimated Tax Payments?

A common concern that I often find that clients have is whether or not they need to make federal estimated tax payments. What are estimated payments?  Estimated payments are quarterly payments that you make to pay your actual or projected tax liability for the current tax year. Estimated payments are needed when you have taxable […]

What If I File an Extension?

As a tax practitioner, I have seen the prospect of filing an extension put some taxpayers’ minds at ease and create anxiety for others.  So, what is an extension, and what is the harm, if any, of filing an extension to give you more time to file your tax returns? A “Form 1040” federal extension […]

Issues concerning the 2021 advance child tax credit payments

Potential Issues with the 2021 Advance Child Credits The advance child tax credit payments began on July 15th, 2021.  Qualified taxpayers who did not opt-out online, received the advance child tax credits on a monthly basis whether they wanted to receive the child tax credit payments upfront or not! Therefore, it is not surprising that […]