Tag Archives: Tax prep

5 Tax Tips You Need to Know for This Tax Season

Insurance agent presentation and consultations with a lawyer or insurance agent. Law and insurance.

Tax season will be here before we know it and this is the perfect time to get a head start and begin preparing. It’s important to pay your taxes on time to save money and avoid paying tax penalties. Here are a few tax tips you should follow to plan for the upcoming tax season to make the process easier.

5 Helpful Tax Tips

1.     Organize Important Tax Forms

Gathering all your important tax documents should be the first step you take. Deciphering which documents you’ll need in order to file your taxes can get confusing, that’s why printing a tax checklist beforehand can help take some of the guessing away. A few of the forms and documents that would be included on this checklist include:

  • W-2 Form
  • 1099 Form
  • Receipts from the past year
  • Mortgage interest statements
  • Documents of what you paid for any stocks you have sold

2.     Review All Forms

Make sure to double-check all your forms. It’s common to make errors and miss sections when filling out these documents. Having incorrect information on your tax forms can cause delays and lead to penalties. If you need more help, the IRS website has more information on where you can get these forms.

3.     File and Pay on Time

It’s important that you stay on top of tax due dates to make sure you don’t miss filing and late-filing penalties. Taxes need to be filed by April 15, 2021 to avoid consequences, but if you have an extension the filing deadline is October 15, 2021.

4.     Itemize your Tax Deductions

Everybody wants to save money when it comes to taxes. One way to achieve this is by itemizing your standard tax deductions, especially if you are self-employed, live in a high-tax area, or own a home. This tax tip is worth following if your qualified expenses the 2020 standard deduction.

5.     Decide if you Need Help

Finally, the most important tax tip is deciding if you’re overwhelmed or not sure where to start. If so, consider hiring an accountant to assist you throughout the process. A tax professional will make sure all your forms are completed correctly and submitted before the deadline.

Looking for qualified and experienced accountants that can guide you through this tax season? The accounting professionals at Calabrese & Associates, P.C., are exactly what you need. Visit our website today to get started.

 

Everything You Need to Know and More About Tax Season 2021

2021 Tax Season

With the ups and downs of the past year, believe it or not we are rapidly approaching a new Tax Day, Thursday, April 15, 2021. That means that we are currently in the midst of tax season 2021. So, if you’re wondering about some of the changes from the past year, our accounting experts have all the information that you’ll need to know and more.

Important Information about Tax Season 2021

The Start of Filing Season

One of the first things that everyone should know about tax season 2021 is that it’s start will be later than usual. In fact, that the IRS will start accepting and processing tax returns on Friday, February 12, a bit later than previous years that started in January.

Tax documents, money and calculator on a table

Recovery Rebate Credits and Economic Impact Payments

If you’re one of the taxpayers that received an Economic Impact Payment, make sure that you hold on to your Notice 1444 with your records for the year.

You may be able to claim the Recovery Rebate Credit on your federal income tax return if:

  • You didn’t receive an Economic Impact Payment
  • The payment was less than $1,200 ($2,400 if married and filing jointly in 2018 or 2019), in addition to $500 for every child had in 2020

Taxpayers who didn’t receive the full amount of the Economic Impact Payment they were eligible for can claim the Recovery Rebate Credit when they file in 2021.

Calendar with the 15th highlighted

Changes to Charitable Donations

Another new wrinkle in tax season 2021, taxpayers that aren’t itemizing deductions are eligible to take a charitable donation up to $300 for 2020 cash contributions to qualifying organizations. Click here for more information about the eligible organizations.

For any other questions or concerns about tax season 2021, leave it up to the pros at Calabrese & Associates, P.C. to take care of your filing. Our team of expert accountants have the experience and knowledge to get the most out of your returns.

How to Choose the Right Tax Preparer for You and Your Needs

Tax Preparer

With the end of a tumultuous 2020 approaching, tax season is right around the corner. And with the topsy-turvy nature of that last year, it’s never been more important to get the right tax preparer services for you and your individual needs. Therefore, take it from the pros. Here are a few tips and tricks to use in order to find the right accountant for your situation and finances.

Tips for Find the Right Tax Preparer

Check the Credentials

One of the best ways to determine you’re enlisting the efforts of a qualified tax preparer is by checking their credentials and affiliations. Ideally, you want to search for certified public accountants (CPA) like Calabrese & Associates, P.C.

Likewise, it helps if, like us, they are members of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants, and/or the National Association of Tax Professionals. Ultimately, experience and association memberships are key as these organizations usually have a code of ethics and many certification requirements.

2021 Taxes calculator on papers

Ensure you’re Getting the Right Attention

In terms of choosing the right tax preparer for you and your needs, it’s important to consider the level of attention and care you’ll be receiving. When you enlist the services of a big, corporate firm, you might feel like just another number or account for them.

However, with an accounting team like Calabrese & Associates, P.C., you can rest easy knowing that you’ll be receiving highly personalized attention for your taxes and preparation. There will always be a real person to call or contact that will know all about your situation and be prepared to give you the right financial solutions.

Magnifying glass over a calculator

Do your Homework

Generally, you want to ensure that your tax preparer can take care of your needs in the account of an exam or audit. Whoever you research to become your accountant, you need to be able to ask these questions. And in the event they’re answered to your liking, you can begin a fruitful, professional relationship.

When you’re looking for a tax preparer, consider the hard-working, dedicated team of Calabrese & Associates, P.C. We have the knowledge and experience to take you forward into financial success. Check out our website to learn more and schedule a consultation today!

The Top Benefits of Tax Preparation Services for Businesses

Tax Preparation

As the end of the year comes into focus, so too does next year’s tax filing. And when you consider the craziness of the last year, there are many details that you might not think to consider. That’s where a local accounting firm comes in. By using professional tax preparation services for your business, you will ensure that your finances are in the right hands. If that’s not enough to convince you, check out these key advantages.

Why Companies Should Use Professional Tax Preparation Services

Expert Knowledge

One thing you can count on when using tax preparation services is knowledge crafted from years of experience. Since tax rules are often complicated, a tax expert will help you locate the proper credits and deductions that you qualify for.

Not to mention, they’re also a great resource for any tax advice and for ensuring you avoid any adverse consequences from a wrongful tax filing.

Person crunching numbers with a calculator

Increased Funds

When it comes to hiring tax preparation services, naturally it’s going to cost your business money. However, when weighed against the actual tax savings they can find you, the expense is usually negligible.

By knowing your unique situation and having an up-to-date understanding of the rules, tax professionals will find you the best possible savings. Besides, when compared against the value of the hours it would take to complete your own taxes, the decision is a no-brainer.

Man presenting a clipboard with a file on it

Peace of Mind

Another one the best things about hiring tax preparation services for your company or organization is the peace of mind it will bring. You won’t have to worry or stress anymore that your taxes aren’t done right or on time. With a seasoned professional, you can focus more time and energy on doing what it is that makes your business profitable.

If you’re interested in professional tax preparation services, look no further than Calabrese & Associates CPA. Our team can give you the personalized service your company needs to succeed. Visit our website to learn more!