I am repeating a few items.
- Stimulus payments are NOT taxed.
- Only Itemize IF the tally beats the Standard Deduction
- Always apply for an extension if any delay in filing is anticipated but pay the tax by April 15th
- S Corp must file first to get K-1 for personal taxes
- Keep Corporate statuses current...check with Sec of your State
- Have and maintain records to back up deductions just in case of audit
- If using a tax pro, review all returns for accuracy before signing and mailing
- E File does get a faster response for refunds...if you owe why file faster?
- Always write a good descriptive memo on checks when paying taxes
- Report ALL income and don't cheat on returns
- Use every legal maneuver to keep taxation low
- On the internet, tax advise is often of the wrong date so look for currency
- If any tax doubts call me
Best,
Donn Marier
DM-Your Own CFO