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According to the IRS, tax season is again off to a slow start. Over the past five years taxpayers have not been in a rush to file as early as possible. During the 2016 filing season, 38.7 million returns were filed through the first week of February. The number of returns filed this year during this time period – only 28.6 million. A recent survey showed that the majority of taxpayers are still confused over the changes that were impl...
Running a business and feeling overwhelmed? You might answer, “What is it like NOT to feel overwhelmed?” As a business owner, even at the end of the day, it’s hard not to keep on thinking of all the things you didn’t get done or have on your schedule for the next day. For us @ Century Accounting, tax season can very much be overwhelming. But, as we have always said to our clients, “Every business has a tax season.” I...
Updated July 12, 2020 Filing taxes 101: Common errors taxpayers should avoid Taxpayers should be reminded that E-Filing your return reduces errors. The tax software does the math and flags common errors and prompts taxpayers for missing items. Here are the top 8 tax mistakes to avoid: Missing or inaccurate Social Security numbers. Misspelled names. Incorrect filing status. Math mistakes. Errors in figuring credits or deductions. Incorr...
Filing your federal income taxes with a traditional paper return may still be possible. But it's old school, not to mention time consuming, and you'll be waiting for weeks to get your refund. E-filing is faster and more accurate, and it can provide much quicker access to your tax refund money than filing a paper return. There are four key benefits to E-filing your return. Confirmation: The IRS will confirm a tax filing has been receive...
There’s no escaping it – taxes are part of doing business. Filing a tax return for your business each year is something you must do. But, if you are afraid of making tax mistakes that could cost you time and money, read on to avoid errors that could result in overpaying your taxes, accruing penalties, or worse yet, triggering an audit. Income Misreporting Income. The IRS matches income reported on 1099s to the income reported on yo...
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Just submitted your taxes? A sigh of relief, isn't...