Tax time can be particularly strenuous for single parents. There are certain considerations you have to make to avoid mistakes that could lead to penalties and even problems with your future tax filing. To help you get through the tax season, here are just a few steps you need to take before filing.
Determine Who Is Claiming the Child
Even if you are the custodial parent, there is a possibility that the non-custodial parent can claim the child on his or her tax return.
Now that tax filing season has come and gone, most people don't have to think about income taxes again until next spring.
But, for some, new questions arise after April 15. What kinds of questions? And what do you do if you face one of these quandaries during the year?
Is it Too Late To File?
Taxpayers sometimes fail to file for a number of reasons. Maybe you were just too busy.
If you are in business with a partner and you let them handle a majority of the finances, but you have some financial concerns and questions, it may be time to get a certified accountant to help with your accounts. Most businesses rely on the help of professional accountants for not only their account paperwork and filing, but for other financial help as well. This could improve the success and profitability of your business.
When tax season rolls around, most people are filled with the stress of trying to get their taxes done before the deadlines. This can be quite hectic if you are someone who is trying to do your taxes on your own. If you want to avoid the stress of doing your own taxes, you should consider hiring a tax preparation service to do them for you. There are several great services out there, especially during tax season when they are in high demand.
If you're buying an investment property to use as a rental, you're entering an exciting new world of generating income as a landlord. And, while there are a lot of things to learn in order to be successful, one of the most financially valuable is how to properly file taxes to keep your rental profit's tax bill low. Here are 4 tips from the pros that anyone can use.
Track Mileage. Travel while doing things related to the rental is one of the most missed business expenses among landlords.