Top Tax Filing Mistakes to Avoid in 2024: Don’t Let These Cost You
Tax filing season can be stressful, and common mistakes can lead to costly consequences, including reduced refunds, penalties, and even audits. Many taxpayers fall into traps like missing deadlines, overlooking deductions, or failing to keep accurate records. For instance, missing out on claiming eligible tax credits—such as the Earned Income Tax Credit—can mean losing out […]
Crypto Tax Filing Made Easy: Simplifying Your Cryptocurrency Taxes
Cryptocurrency taxation is an increasingly important topic as more individuals engage in buying, selling, and trading digital assets. In the U.S., cryptocurrency transactions are subject to capital gains tax, which means every sale, trade, or use of crypto must be reported to the IRS. However, due to crypto’s volatility and the complexity of tracking every […]
End of an Era: How Direct Filing Could Change the Tax Filing Industry Forever
The introduction of the IRS Direct File Pilot Program could significantly reshape the tax filing industry, potentially challenging the dominance of corporate tax software providers like Intuit and H&R Block. For years, these companies have played a major role in simplifying tax filing for millions of Americans, generating substantial profits from user fees and add-ons. […]
The Married Couple’s Guide to Smarter Tax Filing: Joint or Separate?
Married couples face an important decision each tax season: whether to file jointly or separately. Filing jointly typically provides more tax benefits, including a higher standard deduction and access to valuable tax credits such as the Earned Income Tax Credit and Child Tax Credit. However, there are cases when filing separately might be the better […]
Navigating the IRS Direct File Pilot Program: What it Means for Taxpayers
The IRS Direct File Pilot Program launches in 2024, offering eligible residents in 13 states a free, government-provided tax filing option. This pilot removes the need for third-party tax software, making tax filing more straightforward and potentially less costly for many taxpayers. Eligible users can access and file their taxes directly through the IRS, ensuring […]
Why Should Tax and Accounting Professionals Create Blogs?
Tax and accounting firms can use a wide variety of marketing tactics to attract new leads and sign new clients. Creating blog posts is one way to stay relevant, remain in front of your audience (current and new), and establish the brand as a thought leader in the tax and accounting services industry. You can […]