Help!! It is the Dreaded Tax Season!!

Much like the Dread Pirate Roberts, tax season isn’t as bad as it sounds.

Now, keep in mind, I love doing taxes. In fact, I barely stayed up to midnight on New Year’s Eve, but last weekend I stayed up until 6 am on Sunday preparing my own taxes.

I would love to know what questions or problems you’re having with your taxes. Please leave a comment about it or fill out a contact form. Your questions could be my next post!

Here are some tips and FAQ’s that might lessen your worries:

  • Deadlines for fiscal year taxpayers:
    • For your individual taxes, your deadline will be April 18th, 2017
    • Your business taxes will have one of two deadlines, it depends on which tax forms you will need to use
      • If you are a Sole Proprietor or an LLC, you will use a Schedule-C and file it with your individual taxes on April 18th, 2017
      • If your business is a C-Corporation, you will use the 1120 form and your deadline will be April 18th, 2017
      • If your business is a Partnership, you will use the 1065 form and your deadline will be March 15th, 2017
      • If your business is an S-Corporation, you will use the 1120S form and your deadline will be March 15th, 2017

Not sure what type of business entity you have setup? Leave a comment or fill out a contact form and I’ll help you figure it out!

  • Here is a list of important documents you should use to file your taxes:
    *This list only contains more commonly needed documents
    • Income items
      • W-2
      • K-1
        • Shows business income from certain types of businesses
      • 1099-MISC
      • 1099-B
      • 1099-K
        • This is for payments reportable by third-party processors
          • PayPal and credit card companies
    • Receipts for certain expenses
      • Electronic or physical copies
    • Education items
      • 1098-T
      • 1098-E
    • Homeowners
      • Mortgage interest paid
      • Property Tax paid

How to File

If you are brave and pure of heart, you will probably try to file yourself. If you do your own taxes, you can either fill out the forms by hand or you can use a software to do it for you. TuboTax is one such program that can assist you in doing your own taxes.

You can also make the wise decision to hire someone else to do your taxes. Having a qualified individual or business do your taxes ensures that they are done correctly and it takes a load off of your shoulders. This is also a decision that can save you time. Sending your documents to someone else takes less time than pounding your head on the kitchen table while trying to read the instructions for form 1040.

A simple Google search can help you find a tax professional to help you. However, if you are already reading this post, then save yourself a step by interviewing me for the position of your tax accountant! 😀

Which do you think is a better a gift, Balloons or Flowers?

Leave a comment or fill out a New Client Form. Looking forward to hearing from you!

 

Photo credit: amenclinicsphots ac

Deadline dates pulled from IRS Publication 950 and IRS Publication 17.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s