Filing – TK Accounting & Consulting

5 Common Tax Mistakes Made by Business Owners

Can you be sure that you’re not making tax planning mistakes for your business? As an entrepreneur, too often you have to wear many if not all the hats and juggle many if not every ball. Which is why it’s not surprising so many entrepreneurs regularly put their tax planning on the back burner. ThisContinue reading “5 Common Tax Mistakes Made by Business Owners”

IRS Balance-Due Notices

Although the IRS paused some of its compliance and collection notices in 2022, don’t get too comfortable as the IRS can’t suppress about 9 million notices that are dispersed every year. The IRS announced that many balance-due reminder notices would be suppressed until the IRS catches up on processing paper returns, correspondence, and other back-loggedContinue reading “IRS Balance-Due Notices”

Tax Returns in 2022

Last year more than 30 million taxpayers had their returns and refunds held up by the IRS, and with tax season in full swing many taxpayers could see a repeat of 2021. Based on the IRS’s sizable backlog of returns from 2021, with a few other issues, The Treasury Department officials warned in January thatContinue reading “Tax Returns in 2022”

Key Items Taxpayers Should Know

We strongly encourage taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include charitable contributions, economic impact payments, and advance child tax credit payments. For online tools, publications, and other helpful resources, taxpayers can visit IRS.gov/getready. Changes to the charitable contribution deduction If you don’t itemize deductionsContinue reading “Key Items Taxpayers Should Know”

Organization Tips to Simplify Personal Document Filing Include folder label ideas, tips on how long to hang on to various categories of documents, how and when to purge old files, etc.

Organizing your personal belongings is one of the most tedious, put off and difficult tasks for people to do. From not knowing what items to hang on to and how to organize them, important information and documents tend to get lost in the mix. This can become particularly difficult during important times such as; buyingContinue reading “Organization Tips to Simplify Personal Document Filing Include folder label ideas, tips on how long to hang on to various categories of documents, how and when to purge old files, etc.”

Late Filing Tax Tips

With the extension of tax day currently dated for July 15, 2020 you now have more time to prepare for filing, but if you’re waiting until the absolute last second to file your taxes, don’t worry, you’re not alone. Truthfully about 20% to 25% of Americans wait to prepare their returns. But delaying may cause more troubleContinue reading “Late Filing Tax Tips”

Think twice before using an online tax preparer

Can I trust tax websites? To receive your return as soon as possible, the IRS always recommends filing electronically and also choosing direct deposit. Typically this method takes no less than 21 days to receive a refund after submitting. Many Americans are eligible to file for free under the free federal tax filing, unless youContinue reading “Think twice before using an online tax preparer”