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Showing posts from 2021

The Procrastinator's Guide to Surviving Tax Day

  If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April 15 tax filing deadline will arrive, and what you do to get ready will make all the difference.   Most Americans voluntarily file their tax returns and pay their taxes. Most people explain it by saying they want to pay their fair share. Others file to get a refund, claim a credit or avoid breaking the law.   There are times when normally law-abiding citizens fail to file. Why? IRS research shows that sometimes people don’t file in years their filing status changes, such as due to the death of a spouse or divorce. Emotional or financial reasons may cause a person to not file. Or it could simply be due to procrastination.   Unfortunately, failing to file a return c

Filing Your Taxes When You Know You'll Owe Money to The IRS

  Filing Your Taxes When You Know You'll Owe Money to The IRS   As we being the new year, most people are thinking about their taxes. Planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes.  In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.   Note : If you already have tax troubles or owe more than $10k to the IRS or state but can’t pay in full, contact our firm today. We help people find tax relief, file years of unfiled tax returns, and sometimes settle their tax debt for a fraction of what’s owed. Return to the main page of www.fairtaxsolutions.com to learn more.   Report All Your Income One of the biggest reasons people get in trouble with the IRS is their failure to report income. Oftentimes it’s an honest mistake and they simply forget about income they’ve made throughout the year.   -Did you take on a consulting gig? Your client might have f