The “Dirty Dozen” is a list compiled annually by the IRS that features the most common scams used to prey on taxpayers as well as scams devised for tax evasion.
Trends indicate that taxpayers should be most wary of scams during tax season, however, they could happen at any time and people should be on the lookout all year long. Those who fall victim to these scams are subject to losing money, sensitive personal information, or even having their identities stolen.
The busiest time of year for accountants is back, and often the same question is being posed to all tax professionals, “Am I missing out on any tax savings?”
The ultimate goal is to reduce taxable income, and maximize available credits. We’ve compiled this list of commonly overlooked ways to reduce your tax liability and keep more money in your pocket.
Minimize Capital Gains – Reinvested Dividends
It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?
Filing season is upon us and taxes are definitely on the brain. As we work through filing our 2021 personal and calendar year end business returns, it is not too early to start planning for next year’s filings. One of the most important things you can do to help prepare yourself for next filing season during the current year is to keep in close contact with your tax professional. We are happy to help throughout the year with any changes that may occur and any planning that might be beneficial.
Tis the season for taxes, gathering tax information, preparing tax forms and tax returns, calculating taxes as well as paying taxes. Let's talk about the first item, gathering tax information. What information do you need to prepare and file a complete and accurate tax return? Aside from your normal tax documents, you will need to consider life changes that occurred during the year as well as any other unusual events or transactions that could be considered taxable events.
