Penalties and interest are only added on unfiled returns if the taxpayer did not pay taxes by the April deadline. Taxpayers who did not file and owe tax should file a tax return and pay as much as they are able to now. If they cannot pay the full amount, they should learn about payment options. These can reduce possible penalties and interest added to the amount the taxpayer owes. Contact Accounting Specialists of Asheville LLC about filing those delinquent tax returns. ... See MoreSee Less
While the federal income tax-filing deadline has passed for most people, some taxpayers did not file an extension and still have not filed their tax returns. These taxpayers should file ASAP. They should do so even if they can’t pay to avoid potential penalties and interest, which can continue to add up quickly. ... See MoreSee Less
The Tax Cuts and Jobs Act (TCJA) made changes to the tax law. Among other things, the new law increased the standard deduction, eliminated personal exemptions, increased the child tax credit, limited or discontinued certain deductions and changed the tax rates and brackets. As a result, many taxpayers ended up receiving refunds that were larger or smaller than expected, while others unexpectedly owed additional tax when they filed their 2018 tax returns.
Contact Accounting Specialists of Asheville LLC to review your withholding to ensure you don't owe taxes plus potentially a penalty at the end of the year. ... See MoreSee Less
Some workers are considered self-employed and are responsible for paying taxes directly to the IRS. Often, this includes people involved in the sharing economy. One way to pay taxes directly to the IRS is by making estimated tax payments during the year.
Contact Accounting Specialists of Asheville LLC for assistance in making your estimated tax payments. These payments are due April 15, June 15, September 15 and January 15 of each year. ... See MoreSee Less
The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from their paychecks.
Checking and adjusting tax withholding as early as possible in 2019 is the best way to head off a tax-time surprise next year. Contact Accounting Specialists of Asheville LLC for a withholding checkup. ... See MoreSee Less