Tax Tips Archives - CheckM8 Tax

Filing an income tax extension can be a huge relief for many taxpayers. It gives you more time to gather your paperwork and file your return correctly. However, it’s important to remember that you still have to do something with that extension!

This blog post will discuss what you need to do once you’ve filed an extension. We’ll also provide some tips on making the process as smooth as possible. Let’s get started!

4 Steps To Do After Filing Tax Extension

Review Documents

After filing a tax extension, the first thing you need to do is make sure that you have all of your documentation in order. It includes your W-‐‑‐‑forms, your Tax Return Transcript, and any other relevant paperwork. Once you have everything gathered, you can begin filling out your return.

If You Owe Taxes

If you think you might owe taxes, it’s essential to estimate how much you’ll owe. This way, you can avoid any penalties or interest that might accrue. To estimate your tax liability, you can use the Taxpayer Advocate Service Tax Calculator or the IRS Tax Estimator. Once you have an idea of how much you’ll owe, you can make a plan to pay your taxes.

Check Tax Extension Status

Once you’ve filed your extension, it’s important to check the status to ensure it was processed correctly. You can do this by logging into your Taxpayer Advocate Service account or calling the IRS.

If Your Tax Return Is Rejected

If you try to file your tax return and it’s rejected, don’t panic! This is actually fairly common. The most likely reason for rejection is that you didn’t attach the proper documentation. To fix this, resubmit your return with the correct paperwork attached.

If you’re one of the millions who filed for a tax extension this year, congratulations! You’ve already taken the first step towards meeting the October deadline. Now that you have some extra time, it’s important to use it wisely and follow these four steps to prepare for tax day. At CheckM8 Tax, we want to ensure your experience is as smooth and stress-free as possible, so visit our website for more information about our tax and financial services. We can help you file your return on time and get your refund processed quickly – so don’t wait any longer! Start taking steps now to ensure a successful tax season. Thanks for reading!

Common Tax Return Mistakes to Avoid

April 9, 2022

by Aika Tax Preparation Tax Tips

No one wants to pay more taxes than they have to, and the best way to make sure you don't pay a penny more than necessary is to avoid common tax return mistakes.

If you’re not careful, you could pay penalties or even interest on top of your taxes. That’s why it’s essential to familiarize yourself with the most common mistakes people make on their tax returns. In this blog post, we’ll give you some tips on protecting your money and making sure you file your return correctly. Let’s get started!

Income Report

One common mistake people make is not reporting all of their income. It can be a costly mistake because if you don’t report all of your income, you could owe taxes on that income plus interest and penalties. So, be sure to include all sources of income when you’re preparing your tax return. It includes income from jobs, investments, and even cryptocurrency.

Deductions and Credits

Another common mistake is not taking all the deductions and credits you’re entitled to. It can cost you money in two ways: first, you’ll pay more taxes than necessary, and second, you could miss out on valuable tax breaks. So, be sure to take advantage of all the deductions and credits you’re eligible for. It includes common ones like the mortgage interest deduction and the earned income tax credit.

Filing Status

Your filing status is an important part of your tax return, and it can have a significant impact on your taxes. If you’re unsure which filing status to use, it’s best to speak with a tax professional. In general, though, the most common mistake people make is using the wrong filing status. For example, if you’re married, you might think you must file a joint return. But in some cases, it might be better to file separately. So, be sure to choose the correct filing status for your situation.

Exemptions

Another common mistake is claiming too many exemptions. It can cost you money in two ways: first, you’ll pay more taxes than necessary, and second, you could trigger an audit. So, be sure to claim only the exemptions you’re entitled to. It includes common ones like the standard deduction and the personal exemption.

Dependents

One common mistake people make is not claiming all of their dependents. It can be a costly mistake because if you don’t claim all of your dependents, you could owe taxes on that income plus interest and penalties. So, be sure to include all sources of income when you’re preparing your tax return. It includes income from jobs, investments, and even cryptocurrency.

As you can see, there are a few common mistakes people make on their tax returns. But by familiarizing yourself with these mistakes and taking steps to avoid them, you can protect your money and ensure that you file your return correctly.

If you have any questions about your taxes or need help preparing your return, contact CheckM8 Tax. We’re here to help!

How CheckM8 Tax Organizer will Help you File Taxes Quickly

March 30, 2022

by Aika Tax Preparation Tax Tips

A Tax Organizer is a document that helps individuals and small businesses file their taxes quickly since it provides users with information about filing taxes.

Online tax organizers can be accessed by anyone with an internet connection, which makes it an easy way to file taxes. Additionally, the document can be downloaded thru checkm8tax.com. Just fill out the necessary details and it doesn’t require much work on the part of the individual or small business to make sure they’re filing correctly.

How Do You Get Tax Organizer from CheckM8 Tax?

CheckM8 Tax Organizer helps you with your taxes because it will help you organize your taxes, find deductions, and generate reports. It has a lot of useful information that you should fill up that is very helpful for filing your taxes.

To access and fill up the Tax Organizer, follow these easy steps:

Visit checkm8tax.com and go to “Resources” under “About Us” Menu.

Click “Tax Organizer”

Download the Form

Fill out necessary details

Submit filled out form to customerservice@checkm8tax.com

Book your appointment today with us thru checkm8tax.com “Book Appointment”

Advantages of sending filled out Tax Organizer prior your appointment with CheckM8 Tax?

The Tax Organizer is a great tool for those who are not sure of what to expect from their tax appointment because it will help you to save time and prepare for your meeting with CheckM8 Tax. It allows you to answer a list of questions about your taxes so you can be prepared for your appointment.

The first set of questions requires you to fill out basic information. Make sure that you fill out each item correctly to get your maximum refund. Next will be the list of your dependent information. Provide their complete information and if s/he was claimed on someone else’s tax return. These are critical information that you need to answer honestly to be able to help us provide you with the best refund you can get. 3rd Step is to fill out your income information and other sources of income. Step 4 is to list down all possible tax credits, including IRA contributions made during the tax year. The next step is to fill out Asset Sales and Exchanges. This section talks about stocks, bonds, or other investment properties sold. 6th step is a list of possible itemized deductions such as medical and dental expenses, and also including any charitable contributions.

If you received income from self-employment (1099-MISC), please also provide in the tax organizer sheet if you, your spouse, and your dependents have health coverage for the whole year. The last step for self-employed is your business information.

Start Filing Your Taxes Today

This is a great way to help you get your taxes done quickly and easily. It is also a good idea to use it as a guide for getting your taxes done, which will help you avoid costly mistakes.

It is a good way to get the help of an expert when filing your taxes. Check out our social media accounts for more information and updates.

Facebook : facebook.com/checkm8tax

Instagram : @checkm8tax

Tax Filing Status Guide: Single, Head of Household and Joint

February 23, 2022

by Aika Tax Tips

There are three types of Tax Filing Status – Single, Head of Household, and Joint. Which one you choose depends on your situation.

In this blog post, we will go over each type and help you decide which is the best for you. Keep in mind that these are general guidelines – please consult CheckM8 Tax & Financial Services if you have any specific questions!

Single

Single Tax Filing Status is for unmarried taxpayers who do not have any dependents. It is the simplest Tax Filing Status to file and is best for those with a single income. You are eligible to file as Single if you’re unmarried on December 31st of the tax year or divorced or legally separated from your spouse. You can also file as a Single if you are a widow/widower and have not remarried.

Head of Household

Head of Household Status is for unmarried taxpayers who have one or more qualifying dependents. This status offers more tax breaks than Single Filing, so it’s a good option if you have children or other qualifying dependents. You are eligible to file as Head of Household if you were unmarried on December 31st of the tax year or divorced or legally separated from your spouse. You can also file as Head of Household if you are a widow/widower and have not remarried.

Joint

Joint Status is for married couples filing jointly. This status offers the most tax breaks, so it’s generally the best choice if you’re married. Keep in mind that both spouses must report their income and deductions on the return – joint filing is not available to separated or divorced. You are eligible to file as Joint if you were married on December 31st of the tax year.

There are special cases where you may need to file as something other than your Tax Filing Status. For example, if you’re a non-resident alien or dual-status alien, you’ll need to use a different Filing Tax Status. CheckM8 Tax & Financial Services can help you determine which status is best for your specific situation.

We hope this blog post has helped understand the different Tax Filing Statuses. If you have any questions, please don’t hesitate to contact CheckM8 Tax & Financial Services through customerservice@checkm8tax.com or visit our office at Cerritos or Los Angles Branch- we’re here to help!

Posts in category: Tax Tips

What to Do After You’ve Filed an Income Tax Extension