Individuals receiving 1099’s and businesses operating as independent contractors must pay in estimated taxes four times per year.  The next upcoming payment of estimated taxes must be made by September 15, 2014.  The estimated taxes must be paid at this time for anyone who has earned income that is not paying taxes on this income through payroll withholding. September 15th is the third of four 2014 estimated tax installment dates. Individuals can use Form 1040-ES when paying their September estimated quarterly tax payment. If you are a corporation or a partnership and you filed an extension in March or April for 2013, you will need to submit your 2013 tax returns and payments by September 15 ( the last day to file with extension).   Corporations will need to complete Form 1120 or Form 1120S, depending upon whether they are an S-corporation or a C-corporation.    Partnerships must file Form 1065. If you need assistance determining whether you must pay estimated taxes or if you need help calculating the amount due, contact Brennan & Company CPA, PC.  Follow us on FaceBook.

Tax season is over for the year for most individuals, unless you get the dreaded news that you are the target of an IRS audit.    The risk of an audit is one of the main reasons why it is very important for you to have an accountant do your taxes before you submit them. Your accountant can help to ensure you follow the rules and have your paperwork together so if the IRS comes to question you, you will be ready and prepared to answer. If the IRS does decide that it is going to audit you, the accountant who prepared your income tax return can also assist you in preparing for the audit and in answering the IRS questions. If you didn’t have your taxes done by a professional accountant, it may be time to call one once you find out you are being audited so you can get the help you need to be ready to answer any queries from the Internal Revenue Service about the taxes that you paid and the return you submitted. Call Brennan Tax for information on how an accountant may be able to assist you.

When you file your taxes, you are going to have to decide if you want to itemize your deductions or not. Every person gets a standard deduction, and itemizing is an alternative to taking the standard deduction.  If you itemize, then you can take advantage of tax benefits like mortgage interest deductions and student loan deductions. However, your taxes become more complicated. Not only that, but it may not be worth it for you to itemize your deductions if the amount of money you would get back on your taxes is less than you would get back if you simply took the standard deduction. Deciding whether to itemize your income tax deductions or not is just one of many complicated issues that you face when it comes to completing your tax return.  An experienced tax professional at Brennan Tax can help you to make this choice. We will review all of your financial information and potential deductions and help you to take the most strategic approach so you get the maximum back and reduce your taxes as much as possible.