Belz Taxes & More

04/14/2026

Filing an extension or your tax preparer doing it for you? Don’t panic!! Here's what it actually does for you (and what it doesn't)

Tax deadline is here and a lot of individuals and business owners panic when they hear the word "extension." Let me clear it up, an extension is not a bad thing. It's actually one of the smartest moves you can make if you're not ready.

Here's what an extension does:
- Gives you until October 15th to file your return. That's 6 extra months to get everything right instead of rushing and making mistakes.

- Gives your tax preparer more time to review your situation and make sure you're not leaving money on the table. A rushed return can be expensive return.

- Gives you time to gather all your documents, K-1s, 1099s, investment statements, instead of guessing and amending later.

- Makes sure you have everything you need to comply with the new tax laws.

Here's what an extension does NOT do:

- It does not extend your time to pay. If you owe, you still owe by April 15th. But if you can't pay the full amount, the IRS has payment plans. You're not going to jail for setting up a payment plan.

- It does not increase your chances of being audited. That's a myth. The IRS does not care if you file in April or October as long as you file.

- It does not mean you're behind or disorganized. Some of the most strategic returns I've seen were filed on extension because the client and their tax team took the time to do it right.

Sometimes the best move is giving yourself more time to plan instead of rushing to meet a deadline and allowing your tax preparer to ensure it’s don’t correctly.

If you haven’t heard from us and you’ve dropped your information off already, it’s probably extended but that doesn’t mean it will take til October!!

Give us a call if you have any questions 💲💲

01/24/2026

Great summary on one of the most missed required filings for businesses - 1099s.

Applies to all businesses, not just side gigs.

The next question is should they be getting a 1099 or a W2. Both are IRS hot bed topics as businesses continue to negate the rules to avoid payroll taxes and related compliance..

Shared from The Wallet Mode….

01/12/2026

The IRS says the 2026 tax filing season will officially start on January 26!

From that date, the IRS will begin accepting and processing 2025 tax returns. Electronic filers who choose direct deposit can expect refunds within about 21 days, assuming there are no issues or credits that trigger extra review. The new credits are expected to take longer to process. Be prepared to wait!

Paper filers will wait longer, as usual.

01/06/2026

Postmarks no longer prove date of mailing so plan ahead!!

The recent changes to USPS postmark rules have led to a shift in how postmarks are applied. As of December 24, 2025, the postmark date now reflects the first automated processing operation at a USPS facility, not the date the mail was dropped off at a post office or mailbox. This change means that a tax return or payment dropped in a mailbox on the deadline could receive a postmark dated one or more days. Manual postmarks or Certificates of Mailing may still be requested to support proof of timely mailing.

11/27/2025

11/18/2025

Working Pennsylvanians Tax Credit - new for 2025

The new credit is a state-level version of the federal Earned Income Tax Credit (EITC), allowing Pennsylvania workers to claim a credit on their state income tax bill equivalent to 10% of their federal EITC. This credit can offset tax due or can be refundable. More information to come!!

11/06/2025

Small Change, Big Results

Clear the Chaos, Find Your Calm.

There’s a strange thing that happens when you’re swimming in the ocean.

If a wave hits you and you panic, thrash harder, fight the pull, you sink faster. But if you pause, take a breath, and let yourself float for a second, the ocean actually brings you back up. The calm of the water saves you.

That’s what running a firm often feels like.
You start out swimming with purpose, steady strokes, and clear direction. Then the current changes. Client demands rise like tides. Your team feels stretched. You start working longer hours just to stay above water. You add tools, hire help, patch holes, but somehow it only makes the water choppier.

The lesson is that you can’t outswim chaos. You have to find calm inside it.

LESSON LEARNED. CHANGES COMING

11/04/2025

So you wonder why things get so complicated when it comes to taxes. Here’s an example!!

There’s a rule but no guidance on compliance…..figure that one out!

10/08/2025

IRS closes 'most operations' as shutdown continues - unfortunate given next weeks deadline for extended 2024 tax returns.

Expect delays on refund and check processing/clearing bank accounts due to furloughs. As many as 34,000 of the agency's 74,000 staff are expected to be sent home.

10/05/2025

Did you know you can’t claim the tip credit and not claim the tips as income…..also, not all tips qualify. It’s industry and business type specific.

In order to be a qualified tip, the tip must be reported to the IRS on a Form W-2, 1099, or 4137, the form that employees use to report additional tips when they file their tax return.

Call us if you have questions!!