This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the … Read More
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
Estimated tax payments, should I make one? That is a good question and often comes up at the end of every year as to whether one should make an estimated tax payment or not. Let’s split … Read More
If you already filed your Massachusetts or federal tax return and are due a refund, you can check the status of your refund online. Federal/IRS – Where’s My Refund? Where’s My Refund? is an interactive tool … Read More
By: Alex Franch, BS EA Most married taxpayers know that they have the option to file jointly or separately for tax filing. The Federal income tax system prods taxpayers toward joint filing. This results in the … Read More
Identity theft comes in many ways, shapes and sizes. Thieves will stop at nothing to get ahold of your personal information. The best way for them to do this is to make you very afraid. And … Read More
By: Alex Franch, BS EA If you ever filed and paid your taxes late, you may have first-hand experience with tax penalties. Sometimes this results in a little bit of interest being charged but other times … Read More