Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Good records help:
Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records can identify the sources of income and help separate business from nonbusiness income and taxable from nontaxable income.
As the need for professional drivers continues, the Women In Trucking Association (WIT) is joining with more than thirty groups to support federal funding to highlight careers in all areas of transportation.
The Promoting Service in Transportation Act (H.R. 3310 and S. 1681) asks legislators to authorize funding for the United States Department of Transportation (US DOT) to garner exposure for jobs in trucking, aviation, rail and maritime. They would create a series of public service announcements for print, broadcast and digital media to encourage these careers.
Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes.
Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professional can also help avoid errors. Mistakes can result in a processing delay or a balance due notice, which could mean additional delays or require filing an amended return.
Here are some important things employers should remember when preparing tax returns or claiming credits.
With the filing deadline around the corner, the IRS reminders members of the military that they may qualify for special tax benefits. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.
Although the Women In Trucking (WIT) Association was formed over fourteen years ago, there are still many people who don’t understand our mission and who we represent. This article will answer the top frequently asked questions we receive.
First, let me remind you of our mission. The Women In Trucking Association is a nonprofit organization that was formed to encourage the employment of women in the trucking industry, promote their accomplishments, and minimize obstacles faced by women working in the trucking industry.
Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the case every year, many Americans will still need more time to meet their tax-filing obligation.
The IRS urges low- and moderate-income individuals and families, especially those who don’t normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like the recovery rebate credit and Earned Income Tax Credit.
Taxpayers who are not required to file should still consider doing so to get money they are due.
WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.
“The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on May 17. We want to help people get these refunds, but they will need to quickly file a 2017 tax return.”
March is Women’s History Month and the Women In Trucking Association was formed in March of 2007. Now, fourteen years later, how have we advanced our mission to “encourage the employment of women in the trucking industry, address obstacles, and promote accomplishments?”
The first question we are usually asked by the media or potential members is in regard to the percentage of women employed in the trucking industry. After all, according to W. Edwards Deming, a statistician and quality control expert, You can’t manage what you can’t measure.”