TAX PRO PLUS LA

I Didn't File My Tax Return; Now What?

There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life events, including illnesses, death, or job loss. Whatever your reason and whether you’ve only missed one year of filing or several, there comes a point when you either remember on your own or are prompted for a request for a copy. Now, what do you do? And how much trouble are you in?

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Why It Might be Time for Your Small Business to Migrate to Cloud Accounting

Cloud accounting is a big idea that brings with it a lot of lofty implications, but if you had to distill all of that down to its bare essentials it would probably look at lot like this:

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QuickBooks Tip: Customizing QuickBooks' Forms

The invoices and other forms you send to customers and vendors should reflect your company’s attention to detail, accuracy, and consistency.

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Don't Toss Those Tax Records Yet!

Even though the 2021 tax due date has come and gone, and even though you have filed your 2021 tax return, you may still need to keep your 2021 tax records. Generally, tax records are retained for two reasons: (1) in case the IRS or a state agency decides to question the information on your tax returns or (2) to keep track of the tax basis of your capital assets so that you can minimize your tax liability when you dispose of those assets.

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You May Not Get a Tax Refund Next Year

With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. For that reason, taxpayers should be overly cautious about their payroll withholding for 2018. One need only look at the W-4 instructions to realize that an individual without any substantial tax training can quickly become lost when filling out the worksheets. It is not business as usual.

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