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Showing posts from May, 2021

Pros And Cons Of Filing For A Federal Tax Extension

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If you need more time to finish filing your taxes, it can come as a great relief that the Internal Revenue Service offers a tax deadline extension. First, the IRS has given a cushion of an additional month to get taxes in, but there’s also an extension beyond that date. The extension deadline allows those who request more time to file by October 15.  But does a filing deadline mean you have more time to pay? What are the advantages and disadvantages of going beyond this year’s already extended deadline of May 17, 2021, to the fall? In this guide, we’ll look at the pros and cons of filing for a federal tax extension. How to Apply for A Federal Tax Extension With the pandemic and its associated economic challenges, it’s understandable that many people may be having a hard time getting their finances in order in time for Tax Day. So if the May 17 date still doesn’t afford you enough time to get your taxes filed, you can request an extension using IRS Form 4868 which asks the Internal Reve

4 Tax Challenges Travel Nurses Face and How You Can Handle Them

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Guest Post: Jeremy Commisso, Founder & CEO of Nurse First Travel The thrills of being a travel nurse are many. There’s the excitement of setting forth to a new city, the adventure of operating within a different clinical space, and the joy of knowing your skills can apply and help people anywhere. But there’s also the tricky business of keeping your financial records tidy so that come tax season, you can properly file with the IRS. As anyone who travels for a career knows, keeping records straight is no easy tax. Fortunately, there are some wise ways of staying tax-compliant that any travel nurse can implement. In this guide, we’ll look at 4 tax challenges travel nurses face and how you can handle them. Keep Records of Everything A travel nurse essentially operates as a contract employee and because of that, they need to keep track of records of all of their contracts. These documents will become critical if ever asked to prove for whom and for how long they have worked at a given

How Financial Services Can Be Handled From Comfort Of Your Home In 2021

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If there’s one thing the pandemic has made clear, it’s that many things can be handled from home. Consumers were already comfortable online shopping and ordering food online, but what they’ve discovered between lockdowns and quarantine measures is that a host of other services can be handled from the comfort of their laptops, be it grocery shopping, happy hour, or financial services consulting.  Even the necessary step of talking to an accountant can now be done with a virtual meeting held via video conferencing.  In this guide, we’ll look at a variety of financial services that you can handle in 2021 from the comfort of your own home. Apply for a Mortgages Gone are the days when applying for a home mortgage meant long hours filling out forms at a lender’s office. Today, not only can you apply with many lenders via your computer, you can even do it from a mobile device, like your phone, on some apps.  The speed and simplicity of these new technologies allow future home buyers to quickl

How To Apply For The Restaurant Revitalization Fund

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No one needs to tell those in food and beverage how much the restaurant industry has been hurt by the COVID-19 pandemic. Due to social distancing measures and out of an abundance of caution to prevent virus spread, dining out dropped drastically. “The year-over-year decline of seated diners in restaurants in the U.S., compared to 2019, was 13.74 percent on April 25, 2021,” according to Statista .  But thanks to the $28.6 billion in grants from the Restaurant Revitalization Fund program, a part of the $1.9 trillion American Rescue Plan Act aid package passed by Congress in February, help for restaurants is on its way. Regardless of whether your restaurant already received PPP funding, whether in the first or second round of grants, you can apply for the Restaurant Revitalization Fund money and in this guide, we’ll walk you through how to do just that. Mark Your Calendar Applications for the Restaurant Revitalization Fund will open at noon ET on Monday, May 3 through the Small Business A

What Happens If You Miss The Tax Extension Deadline

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The Internal Revenue Service tax filing deadlines are dates set well in advance in order to ensure every U.S. taxpayer has time to get their financial affairs in order. But the IRS also understands that sometimes people need an extension due to unplanned circumstances. As with the official tax filing date, extensions are also made public well in advance so that everyone can pay their tax duties. This year, the tax extension deadline is October 15, 2021. However, life can bring unexpected circumstances, and some individuals, often due to things beyond their control, may miss this extension deadline too. In that case, you might wonder what to do. In this guide, we’ll look at how to approach a missed extension deadline and whether or not to still file.  What If You Miss The Extension? Just because you missed the IRS tax filing extension deadline does not mean you’re exempt from filing taxes. The minimum for single filing status if under age 65 is $12,400, and $14,050 if age 65 or older fo

How To Teach Your Children About Taxes Without Shedding Tears

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Do you remember how you first learned about taxes and how they could impact your finances? For too many people, learning about taxes comes through someone’s first time having to file taxes for their very first job. Or, even worse, they learn some lessons too late after improperly filing, finding out they were supposed to be paying quarterly estimated taxes, or reporting income earned from side hustle when the IRS sends them a notice. If your understanding of taxes was less than sufficient when you first started paying them, that doesn’t mean your kids have to learn the hard way, too. It’s a lot easier than you think to teach your children the basics of taxes and prepare them for their financial future.   If you’re wondering how to start teaching your kids about taxes to set them up for success, then check out a few of these helpful tips we’ve put together from experience: Make the concept more applicable to their lives Kids tend to ask a lot of questions when they’re confronted with