Tag: Tax Return

Which Tax Records Do You Need to Keep?

Written by Paul Belfiore on June 28, 2024. Posted in Blog, Taxes.

Nashua, NH Resident Has Questions About Proper Tax Documentation

It is important to keep a copy of the tax return itself for at least three years and seven years if you are claiming for a loss. There are also supporting documents that you will want to hold onto for several years. These include W2s, 1099s, and bank statements. Keep copies of the invoices, receipts, or canceled checks for those expenses that you have deducted on your tax return. If you own your own home, closing statements, tax assessments, and home improvement receipts if used as a deduction should be kept. Documentation from investment and retirement accounts, including brokerage statements and 1099s, should also be filed away for safekeeping.

What to Do If There Is a Calculation Error on Your Taxes After Filing

Written by Paul Belfiore on May 17, 2024. Posted in Blog, Taxes.

Hudson, NH Resident Discovers His Mistake

If you discover a mistake in the calculations on your tax return after filing, the IRS will often catch this mistake and make the necessary adjustments to the calculations. There is no need to file an amendment for mathematical errors in your tax return. You will want to make the changes on your end to determine how this will affect your final tax numbers. This can mean that your refund will be larger than expected, smaller, or it could mean that you will end up owing the IRS money. If there is a significant change, particularly in what you owe on your taxes, you will receive a notice in the mail from the IRS indicating the difference.

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.