Taxes
Tax Filing Extensions: What You Need to Know
For most U.S. taxpayers, April 15th is known as “tax day,” the deadline for filing income and business taxes. However, many people are eligible for an extension on this date, giving them until October 15th to file (this is for filing the return, not paying taxes, which are still due in July). This year is a unique exception, with all filers automatically being given the extension date, due to t...
Beginners Guide to Tax Deductions for Small Businesses
While tax season is rarely anyone’s favorite time of the year, there are some things you can look forward to as a small business owner. When you own a business, you get to take quite a few tax deductions. The list is long, but Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant, can help you navigate the options and find what applies to your business. As with all taxes, it’s v...
Understanding Sales Tax and Online Shopping
With all the recent changes to online shopping, the accountants at Steven J. Wick want everyone to understand the new sales tax laws and how it can affect you come tax time. When online retailers choose to not charge sales tax, they are now required to send customers a notice stating the amount of “use” tax that they owe, since sales tax was not collected on the original purchase. This has beco...
3 Rules for Telecommuters to Deduct Home Office Expenses
Employees who telecommute for work may be eligible to deduct some of their home office expenses on their taxes. Now while this does apply for many telecommuters, it is important to go through these 3 rules to make sure you qualify for home office deductions. If you are ever unsure about your tax forms and deduction eligibility, make sure to get in touch with one of the CPAs at Steven J. Wick. ...
What Happens If Someone Does Not File Their Income Taxes At All?
Ask Wesley Snipes. Seriously, the IRS is not to be toyed with. If you have not been filing income taxes, or have not done so for 2014, the IRS levies some hefty penalties against non filers. You may not be a celebrity, but roofers, pet shop owners, and even students are all legally required to file income taxes, with a few exceptions. Some people are not required by law to file income tax. The ...
The IRS And It’s “Dirty Dozen” List Of Tax Scams And Tax Frauds
The IRS creates an annual Dirty Dozen list. These specific types of tax fraud generally are the most prevalent and recurring types of fraud and schemes that they see cropping up. Some of these occur year round, such as bogus IRS “agents” calling you and informing you that you’re about to have a lien or judgement placed against your assets unless you pay a specific tax bill right now, over...
