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Mar 2018Simple Strategies to Avoid Tax Penalties
Tax penalties: You may be oblivious to some of them, but the IRS will penalize you either way. Being educated about penalties is one’s best defense against them. In this post, we cover some of the most common miscellaneous and unexpected penalties while supplying tips on how to avoid them. Failure to Pay and Underpayment Penalties When someone does not fully pay their taxes…
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Feb 2018Individual Tax Penalties And What You Can Do About Them
Tax season is finally here! Obviously, the goal is to avoid any and all tax penalties. But if you find yourself in a position where you can’t pay the entire amount you owe, here is what you need to know: Deadlines One of the most important deadlines to mark on your calendar is your individual tax return deadline. 2017 Tax due date: April 17, 2018*
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Jan 2018Watch Out! 1099 Filing Penalties Aren’t Exactly Light
Lots of confusion has surrounded 1099s and who should be issued a 1099. Fortunately, this has been followed by many articles clearing up the fog. What we want to talk about in this article, however, are the fees and penalties for not filing 1099s, as well as some tips to avoid these problems in the future. The penalty rates have been unchanged for a while…
04
Jan 2018How Does The “Tax Cuts and Jobs Act” Affect You?
What does this new change in the American Tax Code mean to me? Out from all the ruckus has come out a solidified tax reform plan that goes into effect for tax year 2018. With the bill passed by both the Senate and the House, President Trump signed the “Tax Cuts and Jobs Act” into law on December 22. But do not be mistaken, this…
06
Oct 2017Trump’s Proposed Tax Reform: What Does it Mean to You?
President Trump’s proposed tax plan, which was announced in April and called the “the biggest tax cut” ever by the U.S. National Economic Council Director, would take our country from having one of the highest corporate taxes in the developed world to one of the lowest. Here we lay out some changes focused specifically towards small businesses and individuals. For a full description of the…
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Feb 2016Do You Know The Difference Between An Employee And An Independent Contractor?
It can get a little tricky sometimes in determining whether someone you consistently hire to perform services for your business is an employee or an independent contractor; not to mention keeping track of the difference in tax treatment between the two. Have no fear, Paragon is here to break it down for you! Employees are defined by the IRS as “anyone who performs services for…
08
Jan 20162016 Tax Season is Almost Here!
Happy New Year! Paragon Accountants would like to announce that the 2016 tax season is almost here. The IRS will begin accepting both paper and electronic returns on Tuesday, January 19th. This year the deadline to submit your 2015 tax return is Monday, April 18th. Before you rush to file your taxes, please make sure you have all your tax paperwork ready, such as…
29
Dec 2015How Should I File?
If you are married you have the option to file jointly or separately on your federal taxes- but which should you choose? While the IRS recommends that married couples file jointly, there are circumstances that may be a greater benefit to you if you file separate. Couples who file jointly have access to a lot of deductibles, instantly! By filing jointly, you and your spouse…
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Feb 20158 Reasons to Have Paragon Prepare Your Taxes This Year
It is estimated that about 60% of Americans use professionals to prepare their tax returns. While the majority of tax preparers are honest and experienced, there are an unfavorable few who use their occupation as a way to steal your identity and commit refund fraud. If you’ve ever been caught up in tax scam, you know that the taxpayer is wholly responsible for their return,…
06
Apr 2014Tax Advice for Bloggers
Whether you’re blogging full time, or it’s just one part of your artistic empire, you should find this information helpful for tax season and beyond! One of the best things about being a blogger is the fun “gifts” they often receive at blogging events or from retailers looking for marketing exposure. The problematic thing about these great gifts is: they are not actually gifts…or free….