Tag: Tax Return

Reasons You May Want to File Your Taxes Before the Deadline

Written by Paul Belfiore on March 15, 2024. Posted in Blog, Taxes.

Litchfield, NH Resident Looks to Delay the Inevitable

There are plenty of reasons to file your taxes early, not the least of which are to get this done and off your to-do list. If you are expecting a tax refund, the sooner that you file your return the sooner the IRS can begin processing it and get your refund sent out. Filing your tax return early can also protect you from scammers and identity theft. If someone files a fraudulent tax return under your identity and you have already filed, the fraudulent one will be rejected.

What to Do If You Didn’t Submit a Tax Return

Written by Paul Belfiore on May 12, 2023. Posted in Blog, Taxes.

Litchfield, NH Resident Worries About the Implications

If you missed the tax deadline for only the past year’s tax return, you should go ahead and file as soon as
possible. However, if you have missed multiple years of filing taxes the IRS will require you to submit
the past six years of tax returns. Late filers may be hit with failure-to-file penalty from the IRS. The
amount of this fine is based on the amount of unpaid taxes and how late the return is filed. This penalty
is 5% of the unpaid taxes for each month the return is late.

When Does Your Child Need to File Income Tax?

Written by Paul Belfiore on October 16, 2020. Posted in Blog, Taxes.

Parents in Milford, NH Have Questions

A rite of passage for any working teen is the filing of their first income tax. A status as a dependent does not exempt your child from filing income taxes. If the child’s earned income reaches $12,200 or unearned income, from investment interest, above $1,100. For those that are self-employed generating income, if the net earnings exceed $400 an income tax return must be filed.