Tax Payments

Understanding the Taxation of Cryptocurrency Transactions

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If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS other than in Notice 2014-21 and Revenue Ruling 2019-24. This article includes the guidance from the Notice as well as general tax principles that apply.

Owe the IRS Money? 5 Things You Should Know

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Do you owe the IRS money for taxes? Can you afford the tax penalty on the money you owe to the IRS?

Nothing can be more taxing than to discover you owe the IRS money. When calculating your taxes, especially when you already are struggling financially, this is stressful. The concern, of course, is where do I get the money and how long do I have to pay it? You are responsible to file your tax return on time, regardless whether you can’t pay the taxes you owe. Unfortunately, you will face a tax penalty if the money is paid late. This is just one reason why people hate tax time! Here are 5 things you should know when you owe the IRS money.

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Last Minute Tax Tips, Last Minute Tax Payments

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Last Minute Tax Tips and Last Minute Tax Payments

Are you are up against the April 18, 2017 deadline and still need some information to complete your tax return, here are some last minute tax tips. Keep in mind these tips will help you also address last minute tax payments.

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Tax Filing Due Date 2017 is Fast Approaching

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Tax Filing Due Date is Right Around the Corner

The due date to file taxes is April 18th for Federal and Massachusetts tax filing. In fact, most states are posting April 18th as the tax filing due date. Just a reminder if you still have to file your 2016 tax return, April 18, 2017 is the due date. This tax filing deadline is so you can file your return or pay any taxes you owe. For those who are not done with your tax preparation, we suggest you file for the automatic six-month extension. Also, you can pay the tax you estimate to be due. The due date is normally April 15, but the 15th falls on a weekend and the next business day, April 17, is Emancipation Day, a legal holiday in Washington D.C., so the due date in 2017 is April 18.

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Do You Owe Taxes to the IRS? Can You Afford the Tax Penalty?

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Did you just learn that you owe taxes to the IRS this year? Can you afford the tax penalty on the money you owe to the IRS?

Nothing can be more stressful than finding out you owe the IRS when calculating your taxes, especially when you already are struggling financially. The issue of course, is even though you can’t pay the tax, you still must file your tax return by the deadline. And, if you owe money, and you don’t have it, you will face a tax penalty. More people hate tax time because of this!

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Checking Refunds Are Fast, Easy When Using Direct Deposit

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Checking refunds are Fast and Easy. Direct Deposit is even Faster

Checking refunds are fast and easy when you use direct deposit. Did you file your 2016 federal return? Are you due a refund? You can check the status of your refund online.

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Owe Taxes, Can't Pay?

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owe taxes, can't payDo you owe taxes to the IRS or your state but you do not have the money to pay your taxes? You are not alone.

The IRS wants you to pay the full amount of your tax liability on time. In fact, the IRS imposes significant penalties and interest on late payments if you don’t. Ideally, it is in your best interest to estimate what you may owe and then build that into your family or business budget.  Okay, so you didn’t do that.

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