If you don't file your tax return by the April 15th deadline and fail to request an extension, you will be assessed a penalty. Even if you file an extension, you’re still responsible for paying your taxes on time. Failing to do so could lead to fees, penalties or worse.
With the growing popularity of residential rental services like Airbnb, VRBO and Flipkey, more and more home owners are taking advantage of this alternative source of income. To avoid breaking out in a “sweat” at tax time, it’s a good idea to understand the facts about reporting rental income!
As summer quickly fades and the kids head back to school, now is a perfect time to double check your paycheck withholding to make sure you’re taking advantage of recent changes to the Child Tax Credit (CTC). I mean, who wants to pay more taxes than they absolutely have to?
As many taxpayers are busy trying to get their 2017 taxes filed before the October 15 extension deadline, now is a great time to start thinking about how recent tax law changes might affect your specific tax situation for 2018.