August 15, 2016
Parents everywhere are breathing a sigh of relief as their children begin the new school year, but due to the rising cost of education, the relief can be short-lived. We've compiled a few of the most common questions our clients have regarding education-related tax deductions.
March 24, 2015 | by Anderson Accountants
April 15th is right around the corner, and with it, the due date to pay your taxes! If you're floundering at the last minute to get your paperwork together (it happens to the best of us, we know) you may be in the market to file for an extension. Don't get too comfortable though, just because your tax extension gives you an additional six months to submit, you still must estimate how much tax you owe and pay it by April 15th, otherwise you may face IRS late-filing penalties.
Now if you've done your homework, you should be safe, but if you aren't a seasoned tax specialist, you may not understand all of the regulations. The last thing you want is to rest in a false sense of security after filing, only to have the IRS knocking on your door with a few questions a few months down the line. Here are a few painful pitfalls that you may not know about that can help you avoid some unwanted attention: