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The Pros and Cons of Hiring a Professional Tax Preparer
Tax season can be a daunting time for many of us. The mere mention of taxes can send shivers down our spines, conjuring images of sleepless nights and panic attacks. But fear not! When it comes to preparing and filing your taxes, you have options. One of those options is hiring a professional tax preparer.…
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Navigating the Tax Filing Season
As we awaken an hour early (or late) this morning, due to the time springing-forward, we find ourselves at the halfway point of the tax filing season. As the calendar flips to February 1, the tax filing season officially kicks off, marking the start of a crucial period for individuals and businesses alike. Spanning just…
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The Evolution of Income Tax in the United States
A Historical Perspective Introduction The history of income tax in the United States is a fascinating journey that reflects the nation’s evolving economic policies, social values, and the complex relationship between government funding and taxpayer rights. This exploration provides a comprehensive understanding of how income tax has shaped and been shaped by American society over…
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Qualified Domestic Relations Order
We recently had a new client in the office that had gone through a divorce and in the course of events, one spouse withdrew $80,000 prematurely from a 401-k in order to settle the property settlement. Because the attorneys involved did not address the issue, it cost the couple $8,000 in early withdrawal penalties that…
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Understanding the March 15 Deadline for Passthrough Entities
As the tax season approaches, it’s crucial for owners and members of passthrough entities, such as S-Corporations and Partnerships, to be aware of the critical deadlines that affect their tax filing responsibilities. One of the most important dates to remember is March 15. This deadline is set for these entities to file their tax returns,…
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IRS Alert
Beware of companies misrepresenting nutrition, wellness and general health expenses as medical care for FSAs, HSAs, HRAs and MSAs Amid concerns about people being misled, the Internal Revenue Service today reminded taxpayers and heath spending plan administrators that personal expenses for general health and wellness are not considered medical expenses under the tax law. This…
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Today is Sunday March Third
This past week was a very good one. As of Saturday March Second, we had prepared 969 tax returns. This puts well ahead of our goal, which is to file 1,050 by March Tenth (the half-way point of tax season). This past week we handled 821 telephone calls. There were 353 incoming calls and 468…
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Form 1099-K
What taxpayers should do if they received a Form 1099-K in 2024 If a taxpayer sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, they could have received a third party reporting document Form 1099-K, Payment Card and Third Party Network Transactions. Following feedback…
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March 1 Tax Deadline
Cook and Company reminds farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024. The special March 1, 2024, deadline allows farmers and fishers to avoid any estimated tax penalties. Though…
