Blue Onyx Tax

06/16/2024

If you have a business, a side gig, or employment activities that does not withhold taxes for you, and you have earned income between April 1st and May 31st 2024, you should make an estimated tax payment to the IRS by June 17th. Making estimated payments can save you underpayment penalties when you do file your 2024 tax return. To make estimated payments to the IRS go here:

Make payments, view your account or apply for a payment plan with the IRS.

06/14/2024

Do you have a side hustle? Have you started your own business? Receiving income from these sources usually requires paying estimated taxes during the year. Don't postpone this until it's time to file your taxes. Contact me today to discuss tax planning.

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06/12/2024

Recently married? If you change your name make sure its reported to the Social Security Administration (SSA). The name on a person's tax return must match what's on file with the SSA or it can delay your tax refund.

06/12/2024

Do you have a college bill coming up and you didn't have a penny saved for college? It might not be too late for a college savings 529 plan to help you. Contributions to a 529 plan are tax deductible in CT and some other states. There is no minimum time required to withdraw the money for qualified expenses, so a contribution and withdrawal the same year can lower your state income tax.

06/08/2024

If you own your home, the simple act of saving improvement receipts can slash taxes when it is time for you to sell. Learn more here.

Why Saving Receipts for Home Improvements Can Save You Money on Taxes When you make any major improvements to your home for example, adding a new deck, remodeling the kitchen, or installing energy-efficient windows, it’s easy to get caught up in the excitement of the new features and forget about ...

06/06/2024

Are you looking for tax tips, or might need a tax professional? Follow my page.

06/06/2024

If you sell used items online you may get a 1099-k form which has to be reported on your income tax return. If you sell your personal items at a loss, in that you sold them for less than you paid for them you don't pay taxes on it.

06/06/2024

Do you have a hobby or small business? The difference is in the taxes you pay. Regardless, good record keeping through out the year will not only help you be organized but it can help your tax bill when the time comes.

05/09/2024

🚨 Feeling overwhelmed by back taxes? You're not alone! Here’s a simple breakdown of what it means to owe back taxes and how to tackle them:

Back Taxes: These are unpaid taxes from previous years.
Steps to Resolve:
Gather your tax documents.
File your overdue returns.
Consider payment plan options if you can't pay in full.

Need more detailed guidance?

Filing taxes when you haven’t filed in a while can be a daunting task. This is even worse when you have no records. But, it’s very advisable to work diligently on acquiring missing records as soon as possible as the penalties will continue to increase the more time goes on. Filing back taxes is ...

05/05/2024

2023 Tax Season, if you haven't filed yet, you still can. Failing to file has a worse penalty than failing to pay. Contact me if you are feeling a little overwhelmed.

03/01/2024

I got word that the IRS announced it's plan to intensity tax compliance among high income earners. That means if you make over 100K and haven't filed your taxes, the IRS will be knocking at your door.

If you are a non-filer, high income or not, its best to connect with a tax professional to consider your options.

02/13/2024

Do you have a small business (for example LLC) or planning to register one, you have to learn about the Department of Treasury FinCEN's requirement to report your beneficial owners.

Learn More here:

Are you a business owner and need to understand the requirements for updating beneficial owner requirements in FinCEN’s website? This video will guide you through step by step in how to do so yourself.