Tag: Tax Preparation

Extension Filers: Important Reminders When Preparing to File

Hey, folks! If you’re like me, you probably need more time to prepare your tax returns. There was no shame in that! Life can be hectic, and we may require extra six-month period for harvesting money, but now since October 15th is looming, time to buckle up. Thus, here are some important reminders for smooth sailing when filing a tax extension.

Tax Filing Extension
Tax Filing Extension

File by the Deadline

While we’re all about preparing for tax season and taxes, remember that tax season isn’t just around the corner but it’s here already and so on October 15th you need to note that down as your due date. If you got an extension approved, then make sure that this advice does not miss your ears: failure to file would give rise to penalties plus interest which could be disheartening. So, note it down on your phone, stick it on the fridge or write it somewhere else!

Gather All Your Documents

Before you start submitting anything, make sure your documents are in place and looking good. These include W-2s, 1099s, deductions, and other required documentation. If you don’t have one, ask your employer or bank immediately. I am telling you it is no fun to look for documents at the last minute.

Use IRS Free File

Did you know that there are taxpayers who are eligible to use the IRS Free File to fulfill their tax preparation obligations? If you want something simple without breaking the bank, there is no better option. Additionally, anyone should be able to understand how to go through it as it does not require any special skills in taxation. If this is your first time, we advise you to consider making use of this service.

Direct Deposit for Faster Refunds

If you’re expecting a refund, opt for direct deposit. It’s the fastest way to get your money. Just make sure your bank account information is accurate to avoid any delays. I remember one year I accidentally entered the wrong account number and had to wait weeks for a paper check. Lesson learned!

Payment Options

If you owe taxes, don’t panic. The IRS offers several payment methods, including installment plans. It’s best not to bail out at all and deliver what you can. Ignoring the problem will not make it go away, and the penalties can quickly add up.

Double-Check Everything

Verify all your details before submitting your tax return. Ensure that your Social Security number as well as the particulars of your bank account are correct, and that other personal information is also accurate. A tiny mistake can result in major problems later on.

Personal Story: My Extension Filing Experience

Allow me to share some of my own experience. In the past, I’ve been overwhelmed by work and personal commitments, and I knew I wouldn’t make it on the last day of April. I had to ask for an extension on that. I believed I had enough time; however, October came faster than I anticipated. I found myself in a panic mode during the weekend going through my receipts and papers. It was quite stressful, but at least I managed to file within the set timeline. So, what is the main point? Don’t procrastinate until something is due tomorrow; instead, start your project early enough and give yourself ample time to revise it all.

Final Thoughts

Although applying for an extension can help you avoid a costly mistake, it is essential to keep track of the current happenings and adhere to the new deadline. If you follow these steps and pay attention to these tips, you will successfully submit your extended return. All the best, and I hope you file your taxes as smoothly as possible!

Maximizing Your Savings: How Retailers Offer Tax Relief and Health Benefits

As April 15th looms on the horizon, retailers understand the financial strain that this day can bring. Tax Day can be a stressful time for many individuals, as the looming deadline to file taxes often comes with financial concerns. But there are ways that retailers offer tax relief for tax payers during this season.

Retailers Offer Tax Relief

Many well-known retailers across the nation have recognized the significance of Tax Day and are keen on lightening the load for their customers. Freebies and Special Promotions: Some retailers take it a step further by offering complimentary items or special promotions. This might include a free coffee, a meal deal, or even a relaxation service to help you de-stress after completing your taxes.

Tax Deductions for Dietary Needs: It’s a lesser-known fact that individuals with certain medical conditions can claim deductions for the cost of special dietary foods. Tax laws in the United States provide avenues for taxpayers to claim deductions related to qualified medical expenses, and this includes the cost of special dietary foods prescribed by a medical professional.

Additionally, it is advisable to consult with a qualified tax professional who can provide guidance on claiming these deductions accurately.

Whether it’s through tax deductions or the perks offered by retailers, there are ways to make Tax Day a bit more manageable and even enjoyable.

Fast, Easy Savings with McDonald’s Tax Day Specials

Take advantage of McDonald’s Tax Day Specials for quick and easy savings! Get great deals on burgers, wraps, and your favorite sides!

McDonald’s Tax Day Specials are here! Enjoy delicious burgers, wraps, and more at discounted prices. Beat the rush this tax season and take advantage of great deals at McDonald’s to save time and money. McDonald’s does not typically offer discounts for Tax Day. However, some McDonald’s restaurants may offer regional or limited-time discounts or promotions.

McDonald's Tax Day Specials
McDonald’s Tax Day Specials

Take Advantage of Value Menus and Dollar Deals

With McDonald’s value menus and dollar deals, you can enjoy some of your favorite menu items at a fraction of the cost. Take advantage of special offers such as Big Macs for just $4.99 or Chicken Wraps for only $1.49 to get the same great taste without breaking the bank. The McDonald’s Tax Day Specials are the perfect way to satisfy your craving while saving money this tax season! Tax Day in the United States for the year 2023 is April 18th.

Check Out McNuggets & McCafé Combos

If you’re looking for even more value, check out the McChicken Sandwich & McNuggets Combo for only $4.99 or the Double Cheeseburger & McCafé Combo for just $2.49! Both deals include your favorite fries and a large fountain drink, so grab them while they’re still available to make your Tax Day meal complete! Some other popular restaurants that have offered Tax Day deals in the past include Burger King, Chili’s, Papa John’s, and Outback Steakhouse.

Get Freebies With the Tax Day Specials App

McDonald’s Tax Day Specials are even sweeter with their new mobile app. Download it for free and get exclusive deals, coupons and even the occasional freebie! You can also check the app regularly for updates on other special offers from your favorite Ronnie McDonald’s establishments – perfect for when you need a small indulgence to lift your spirits!

Enjoy Sweet Treats with the Apple Pie Upgrade Deal

Warm up your winter with McDonald’s Tax Day Specials! With the Apple Pie Upgrade Deal, get a free Apple Pie upgrade when you purchase any hot McCafé beverage and an entrée. Enjoy hot apple pie with warm custard – all for less than the price of two. With McDonald’s Tax Day Specials, you’ll have enough extra money left over to celebrate Tax Day in style!

Score Big with Extra Value Meal Deals

McDonald’s Tax Day Specials offer a great way to save on your favorite menu items. Get two Extra Value Meals for just $9.99 – and get money left over to splurge on the things you want. With two entrées, two drinks, and two sides for less than $10, why not enjoy your favorite extra value meal with someone special?

The best way to get your taxes done before Tax Day is to use a tax software program or hire a licensed tax professional. You can then use any applicable discounts or special deals at your local restaurant to save money on food. The top tax preparation software packages can be compared based on their features, user-friendliness, accuracy, and cost. Some of the most popular tax software packages include TurboTax, H&R Block, TaxAct, and Jackson Hewitt.

IRS Suggest It Is Time to Begin Collecting 2021 Income Records

Americans should be ready to receive their refund by filing their income tax form as soon as possible. Taxpayers are instructed to gather all year-end income documents before filing a 2021 tax return, in order to speed up the processing of their tax refund: employees should gather their W2, pension and benefit statements, Notice of Deficiency-and pay stubs; self-employed individuals should gather all documentation such as 1099 from an employer, 1099 from a bank account and business cards. Gather your 2021 Income Records now.

2021 Income Records
2021 Income Records

Taking the time to include your Social Security number and those of your spouse and dependents on your tax return will result in less time spent answering IRS questions. Having the Social Security numbers of everyone listed on the return written down and easily accessible will ensure that errors aren’t made when entering them.

The combination of your bank account number and routing number is your direct deposit information. It’s important for you to have both numbers so you can direct your refund into a single account. You’ll need both numbers if you select direct deposit as your payment option.

Don’t have a bank account for Direct Deposit? Open one online now! For options other than online services, click through to the National Credit Union Locator Tool, which will help you find a credit union near you. Many offer free checking and a range of other services.

Be sure to save your Income Tax Records for the year in which you are completing this return.

When you’re ready to file your taxes online, you should know about a variety of tax forms that you can use to report income, expenses and deductions this year. These include W-2 forms from employers, 1099 forms from banks and other payment sources, 1099-MISC forms for various miscellaneous income, W-2 and other income statements for workers in the gig economy. You can also use these forms if you received interest payments or used a home or vehicle for business or investment purposes.

Taxable and Nontaxable Income

How To Choose Great Online Tax Preparer Software

When people look for Online Tax Preparer software, they need to consider various factors. Choosing the right tax software option is vital to maximizing a tax refund after all. Therefore, individuals must focus and search for their best tax preparation solution. Each person is going to require something slightly different from their online tax prep service.

Safety Concerns with Online Tax Preparer Software

TurboTax 2013 from last year provided ample safety measures. Unfortunately, not all preparation services take safety seriously enough. The last thing a person wants to do is lose their personal information. Others have become victims of identity theft and lost their returns. The best tax prep options implement strict safety protocols today.

Tax refund theft continues to grow at an alarming pace. More taxpayers find themselves victims each tax filing year. While tax prep companies try to combat this fraud, cases will slip through the cracks. By choosing the safest option, taxpayers can minimize their risk of becoming a victim.

How To Choose Great Online Tax Preparer Software
Photo by JeepersMedia

Convenience

These days, people tend to prize convenience and efficiency over other factors. It’s important to check out a tax service’s extra features. Turbo Tax 2013 was prized for its variety of useful features. Typically, such features aren’t core to the tax filing experience. They do, however, provide certain taxpayers with extra tools that can be used for various purposes.

In the end, consumers must consider price and a handful of other factors, too. TurboTax is often considered the best Online Tax Preparer Software available today. Anecdotal and usage figures seem to support the validity of this idea. Still, each taxpayer needs to find the tax preparation service that’s right for themselves.

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H&R Block Backs Voluntary Tax Certification Program

H&R Block Inc. has taken the forefront to elevate industry standards in tax preparation by supporting a new voluntary certification program initiated by the Internal Revenue Service.

Tax preparers who voluntarily enroll in continuing education courses covering basic tax filings, tax updates, ethic of tax preparation and other related issues will now receive a record of completion noting their efforts. The purpose of the IRS program is to help taxpayers find qualified individuals to prepare tax returns and to help them avoid unethical practices. A study indicating that 42 million Americans have used a tax preparer with no credentials and who operates under no state regulations or minimum standards is the impetus for this program. That figure represents about 54 percent of all returns prepared by someone other than the tax filer.

In a letter supporting the program, H&R Block CEO Bill Cobb encourage the United States government to continue promoting voluntary certification actions, indicating that his company believes the U.S Congress should set standards for professional tax preparers. Until Congress passes such legislation, however, Cobb believes a voluntary certification program is essential to protect the concerns of consumers. Such a program should also include components of the Registered Tax Return Preparer Program that the IRS previously implemented, including registration, competency measures, screenings and continuing education.

Cobb has previously commented that on an appeals court ruling that the IRS cannot regulate tax preparer, indicting that the ruling hurt honest taxpayers who are entitled to basic protections.

Kansas City-based H&R Block is one of few companies that requires minimum standards from its staff. All company tax preparers must have at least 75 hours of tax law and tax return courses in the first year of employment with 15 hours of continuing education for each subsequent year. Also required is 35 hours of system, policies and procedural training.