Ag FinTax

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 confron...

As most Americans know, we’re deep into tax season right now thanks to a federal extension that allows taxpayers to file by May 17 this year, rather than the typical April 15 date. But while legal citizens know they have to get their financial documents in order, immigrants might be a bit confused about what their tax obligations entail.  What some may not know is that immigrants are also expected to pay taxes on any earned income, cash, or checks. Regardless of your immigration status, if you have earned money in the United States, the law states that it must be reported to the Internal Revenue Service (IRS). While that might sound like an overwhelming or even scary responsibility, it’s in the best interest of every immigrant working in the United States to do so.  In this guide, we’ll look at why you should file your taxes regardless of your immigration status. Why file taxes if you’re not a citizen? According to the IRS , the reasons immigrants must pay U.S. taxes if they’v...

The tax deadline is swiftly approaching and with it, a need to get all of your financial affairs in order. But this year is different from the last. This year, American taxpayers are considering how their stimulus checks might affect their tax bills.  With three total stimulus bills to consider, you might be wondering how these monetary government checks will play a role in filing your taxes. And in this guide, we’ll discuss just that while answering the question does the stimulus check affect individual taxes? Well, does the stimulus check affect individual taxes? The short answer: No. Great news, stimulus checks, which include the following, are not taxable: $1,200 in April 2020 as a part of the CARES Act $600 in Jan 2020 as part of the Coronavirus Response and Relief Supplemental Appropriations Act $1400 in March 2021 as part of the American Rescue Plan Act This money is not considered income and therefore will not be taxed. Will I still need to have information on the stimulus ...

It’s true what they say, that nothing is for sure but death and taxes. However, this year we get a little reprieve from the latter. Due to the global COVID-19 pandemic, the IRS has extended the tax filing deadline from April 15 to May 17, giving filers an additional month to get their financial affairs in order. While the procrastinators amongst us might be rejoicing (and no shame in that), could it help to file before the tax filing extension? Does this extension give taxpayers more time to file state taxes? What incentive is there to get your taxes wrapped up?  That’s what we’ll cover in this guide: Tax Deadline Delayed Until May 17 — Should I Wait or File Now? Why did the tax filing date change? While the original tax filing date was slated for April 15, in keeping with most years, the Treasury Department and Internal Revenue Service announced on March 17, 2021, that this year’s tax filing deadline would be extended to May 17.  The announcement was made to give taxpayers r...

The big news this tax season is that the deadline for filing has been pushed back from April 15th to May 17th . This decision was made in light of the ongoing coronavirus pandemic, and it gives taxpayers a little more time to file their taxes.  That said, it never hurts to start preparing a little early. And if you’re new to filing taxes, or you’re not sure you’ve done it correctly in the past, then you may want to go over the basics of filing. Fortunately, even though filing your taxes seems intimidating, it can be fairly straightforward once you answer a few questions. Who has to file their taxes? If you’re reading this, you probably need to file a tax return. If you’re a dependent or your income is very low, you may not need to file, however, there can still be benefits to filing in these cases. So it’s best to check with a tax professional if you’re unsure of whether or not you should file.  What will I need to file my taxes? The first step in filing your taxes is gatherin...

2020 was a very different year for most of us—so much so that the IRS has officially pushed back the deadline for filing your 2020 taxes from the traditional April 15th to May 17th.  However, some things, like the forms business owners need to file their taxes, haven’t changed. If you’re doing basic accounting for a small business, trying to juggle all those tax forms in the spring can be a full-time job. But it gets a whole lot easier if you know what you’re looking for and what you need to do with each form.  With that in mind, here’s a guide to some of the most important tax forms you’ll need to keep an eye out for, whether you’re a sole proprietor or have dozens of people on your payroll.  Tax Forms For Small Business Owners Form W-2 The official name of the W-2 form is the Wage and Tax Statement, and if you pay any employee more than $600 in a given year, then you owe them a W-2 form by January 31st of the following year, at the latest. The IRS requires employers to...