Our goal is to provide you with valuable information and resources to help you navigate the complex world of taxes. Whether you're an individual taxpayer, a small business owner, or just looking for general tax guidance, you'll find useful information and tools here.
Tax Filing Deadlines:
Federal Tax Deadlines for Individuals:
April 15 (or the next business day if it falls on a weekend or holiday): Deadline for filing your federal individual income tax return (Form 1040) and paying any taxes owed.
October 15: Extension deadline for filing your federal individual income tax return if you've filed for an extension using Form 4868. However, you must still pay any taxes owed by the original deadline to avoid penalties and interest.
State Tax Deadlines for Individuals:
State tax deadlines for individuals vary by state, and many align with the federal deadlines. It's essential to check with your state's tax agency for specific dates.
Federal Tax Deadlines for Businesses:
March 15 (or the next business day if it falls on a weekend or holiday): Deadline for filing corporate income tax returns (Form 1120 or 1120S) for S corporations and partnerships (Form 1065).
April 15 (or the next business day if it falls on a weekend or holiday): Deadline for filing C corporation income tax returns (Form 1120).
September 15: Extended deadline for partnership and S corporation tax returns if you've filed for an extension using Form 7004.
October 15: Extended deadline for C corporation tax returns if you've filed for an extension using Form 7004.
State Tax Deadlines for Businesses:
State tax deadlines for businesses also vary by state, and they may not necessarily align with federal deadlines. You should check with your state's tax agency for specific dates.
In addition to federal and state deadlines, certain industries and professions may have specific tax-related deadlines. For example, self-employed individuals, freelancers, and independent contractors often have estimated quarterly tax payment deadlines on January 15, April 15, June 15, and September 15. Other industries, like farming, may have unique deadlines related to agricultural taxes or subsidies. Visit IRS.gov for more information about Farming Tax Guide.
It's crucial to consult with a tax professional who specializes in your industry to ensure you meet all relevant deadlines and obligations. Keep in mind that tax laws and regulations may change, so staying up to date with the latest tax information is essential for compliance. Contact us to speak with a professional about your industry or specialization.
Tax Forms and Documents:
Common tax forms for individuals in the United States include:
Form 1040: The main individual income tax return form. There are three versions of Form 1040 (1040, 1040A, and 1040EZ), but starting in 2019, only Form 1040 is used. It is used to report all types of income, deductions, and credits.
Form 1040-SR: A simplified version of Form 1040 for taxpayers aged 65 and older.
Form W-2: Wage and Tax Statement, provided by employers to report wages, salaries, and withheld taxes.
Form 1099 series: Various 1099 forms are used to report different types of income, such as interest, dividends, self-employment income, and more. Common 1099 forms include 1099-INT, 1099-DIV, 1099-MISC, and 1099-NEC.
Form 1098: Used to report mortgage interest and student loan interest paid.
Form 8863: Education Credits, used to claim educational tax credits like the American Opportunity Credit and the Lifetime Learning Credit.
Schedule A: Itemized Deductions, filed along with Form 1040 to list and calculate deductible expenses, such as medical expenses, state and local taxes, mortgage interest, and charitable contributions.
Schedule C: Profit or Loss from Business, used by self-employed individuals to report income and expenses related to their business.
Schedule D: Capital Gains and Losses, used to report gains and losses from the sale of investments like stocks and real estate.
Schedule E: Supplemental Income and Loss, used to report rental income, partnership income, and other sources of income.
Schedule SE: Self-Employment Tax, used by self-employed individuals to calculate and report their self-employment tax liability.
Form 1040-ES: Estimated Tax for Individuals, used to make quarterly estimated tax payments for those who are self-employed or have other sources of income not subject to withholding.
Form 8862: Information on Filing Status, used to reconcile advanced premium tax credits received under the Affordable Care Act (ACA).
Form 8962: Premium Tax Credit, used to reconcile and claim premium tax credits for health insurance purchased through the Health Insurance Marketplace.
Form 1040-X: Amended U.S. Individual Income Tax Return, used to correct errors or make changes to a previously filed tax return.
These are some of the common tax forms that individuals may encounter when filing their federal income tax returns in the United States. State and local tax forms may vary, so individuals should also be aware of the forms required in their specific location.
Tax Preparation Tips - Preparing for Tax Season
Gather your documents:
W-2s: These forms report your income from your employer(s).1099s: These forms report income from sources like freelance work, investments, and other sources.
Receipts and records of deductible expenses:
These can include medical bills, business expenses, charitable contributions, and more.
Mortgage interest statements (Form 1098):
If you own a home, this document can be used to claim mortgage interest deductions.
Social Security statements:
Review your statements for any discrepancies or errors.
Previous year's tax return: This can be a helpful reference.
Organize your records:
Create a system to organize your tax-related documents, either physically or digitally. This will make it easier to find what you need when filing your taxes.
Choose the right filing status:
Your filing status (e.g., single, married, head of household) can affect your tax liability.
Choose the one that best suits your situation.
Consider tax deductions and credits:
Familiarize yourself with the deductions and credits available to you. Common deductions include the standard deduction, mortgage interest, student loan interest, and charitable contributions. Tax credits, like the Child Tax Credit and Earned Income Tax Credit, can also reduce your tax liability.
Keep track of changes in tax laws:
Tax laws can change from year to year. Stay informed about any changes that may affect your tax situation, such as new deductions or credits.
Review your investments:
If you have investments, consider the tax implications of selling assets. Capital gains and losses can affect your tax liability.
Maximize retirement contributions:
Contributing to retirement accounts like a 401(k) or IRA can reduce your taxable income. Ensure you've made the maximum contributions allowed.
Check for errors and discrepancies:
Review your financial records and forms for accuracy. Mistakes can lead to delays and potential penalties.
Filing your taxes electronically is generally faster, more secure, and can help you receive your refund sooner.
The deadline to file your federal tax return is typically April 15th. If you need more time, consider filing for an extension.
Consider professional help:
If your tax situation is complex, or if you're unsure about certain tax issues, it may be beneficial to consult a tax professional or contact us to help you prepare and file your taxes accurately.
Keep copies of your tax return:
After you file your taxes, make sure to keep copies of your tax return and all supporting documents for at least three years in case of an audit.
Tax Deductions and Credits:
Explain common deductions and tax credits that can help reduce tax liability.
Standard Deduction: Most taxpayers can choose between the standard deduction and itemizing deductions. The standard deduction is a fixed dollar amount that reduces the income subject to taxation. The amount varies depending on your filing status.
Itemized Deductions: If your eligible expenses exceed the standard deduction, you may choose to itemize deductions. Common itemized deductions include: Medical expenses, State and local taxes paid (SALT), mortgage interest, charitable contributions, and Job-related expenses
Student Loan Interest: You may be able to deduct up to a certain amount of interest paid on qualified student loans. This deduction is subject to income limits.
Educator Expenses: Teachers and educators may be eligible to deduct out-of-pocket expenses for classroom supplies.
Home Mortgage Interest: You can deduct the interest paid on a mortgage for a qualified home. There are limits on the amount of mortgage debt eligible for the deduction.
State and Local Taxes: Depending on your location, you may be able to deduct state and local income taxes or sales taxes.
Health Savings Account (HSA) Contributions: Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
Common Tax Credits:
Child Tax Credit: A credit for each qualifying child under the age of 17.
Earned Income Tax Credit (EITC): A credit for low-to-moderate-income working individuals and couples, particularly those with children.
American Opportunity Credit: A credit for qualified education expenses for eligible students in the first four years of post-secondary education.
Lifetime Learning Credit: A credit for qualified education expenses for eligible students pursuing higher education.
Saver's Credit: A credit for eligible contributions to retirement savings accounts, such as 401(k)s and IRAs.
Residential Energy Credits: Credits for certain energy-efficient home improvements, such as solar panels or energy-efficient windows.