by PSA CPA | Jul 1, 2024 |
As a self-employed business consultant, you probably assume a variety of positions and titles. Your clients count on your industry knowledge to boost output and boost sales and profitability for their businesses. However, for tax deduction and reporting purposes, you...
by PSA CPA | Jun 1, 2024 |
Let’s say you submitted your tax return by the deadline, but in June you discovered you neglected to include revenue from a freelancing job last summer. No need to worry; all you have to do is file an updated return on Form 1040-X. Here’s what you need to know...
by PSA CPA | Jun 1, 2024 |
The main tax relief for teachers is the Educator Expense Deduction. To qualify for the Educator Expense Deduction in any given year, you must fulfill three criteria: You worked as an educator, instructor, advisor, principal, or aid for children from kindergarten to...
by PSA CPA | May 1, 2024 |
Let’s all breathe a collective sigh of relief now that this year’s tax return has been filed. But now that this year’s filing is done, what might you have done differently? One typical error that people make is not thinking about their taxes until it...
by PSA CPA | May 1, 2024 |
Let’s be honest – tax preparation isn’t at the top of anyone’s summer to-do list. But consider this! When planning fun summer activities or making life changes, it may be helpful to keep in mind how they may affect your tax return the following...
by PSA CPA | May 1, 2024 |
Penalties for late filings and payments The IRS applies late filing penalties when taxpayers fail to submit or pay their tax returns on time. The failure-to-file penalty is typically 5% of the unpaid tax, with a maximum of 25% every month or portion of a month that...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…