by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction If you realize that your tax return contains errors or omissions after it has been filed, you may need to submit an amended return. However, it’s important to understand the time limits for making such corrections to avoid losing the opportunity to...
by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction Whether you need to file a tax return depends on several factors, including your income, filing status, and age. Understanding these requirements can help you determine if you are legally obligated to file. Factors That Determine the Need to File The IRS...
by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction Failing to file a tax return can lead to significant consequences. It’s important to understand the potential risks and penalties associated with not filing, even if you can’t pay the taxes owed. Penalties for Failure to File If you...
by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction When filing your tax return electronically, you may encounter a situation where your e-filed return is rejected by the IRS. Knowing the grace period to fix the issues and resubmit your return can help you avoid late filing penalties. Grace Period for...
by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction The deadline for filing your income tax return is an important date to remember each year. Understanding when to file your taxes can help you avoid penalties and ensure you’re in compliance with the IRS. Standard Deadline The standard deadline for...
by George Dimov | Dec 20, 2024 | NYC Accounting
Introduction Filing your federal income tax forms on time is essential to avoid penalties and ensure compliance with the IRS. Understanding the key deadlines and options available can save you from unnecessary stress and financial consequences. Importance of Knowing...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Submitting an amended tax return is a useful way to correct errors or make updates to a previously filed return. However, what happens if you realize there’s an error on the amended return itself? Understanding your options is crucial. Is It Possible to...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Filing an amended tax return allows you to correct errors or make adjustments to a previously submitted return. However, understanding the processing timeline is important for managing expectations and planning. Federal Processing Times The IRS typically...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Amending a tax return allows you to correct errors or update information from a previously filed return. While this can provide financial benefits, it’s essential to understand the potential outcomes and how they might impact you. Potential Outcomes of...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction This was a slow and painful process for taxpayers, who needed to file a paper Form 1040-X and wait months for the IRS to process the form. That said, the IRS has set up electronic filing for some amended returns, which might make the filing not just...
