• Announcing The New Website

    Author: ZP Tax Inc. | | Categories: Accountants , Bookkeeping , Business Registrations , Crypto Tax Preparation , Income Tax Services , Notary , Payroll , Property Tax Services , Tax Agents , Tax Preparation , Tax Preparation Company , Tax Professionals , Tax Refund Status , Tax Resolution

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    We are delighted to announce the launch of our new website!

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  • What Happens After Missing the Deadline for Taxes?

    Author: ZP Tax Inc. |

    Tax preparation can be stressful for everyone, which is why filing taxes is typically at the bottom of peoples' to-do lists. Whether the April 15 deadline passed you by without you realizing it or you purposely put off taxes this year, here's what you should know about failure to file on time. Missing the Deadline Each year, the deadline for filing taxes is April 15. While this has been extended to July 15 in 2020 due to the Coronavirus pandemic, this is a rare occurrence. If you don't perform tax preparation on time, the IRS can issue a penalty of 5% of the…

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  • 3 Ways to Reduce Taxable Income

    Author: ZP Tax Inc. |

    When tax time comes, you’ll owe the least amount and get the biggest return if you properly reduce your taxable income. The less income your tax return shows you make, the less you must pay your state and federal government. Luckily, there are some easy, effective, and entirely legal tax preparation strategies to help you achieve this, including the following. How to Lower Your Taxable Income Before Next Year’s Tax Preparation 1. Save for Retirement The money you contribute to a traditional IRA is provided before it's taxed. This in turn reduces your taxable income, since everything you save toward retirement will be…

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  • How to Save Documents for Tax Preparation

    Author: ZP Tax Inc. |

    Most working Americans know that tax preparation starts with compiling financial documents. However, exactly which documents should you be saving, and for how long? To facilitate your return every year, here’s what you should know about keeping essential records. Which Documents Do You Need to Save? After evaluating your situation, a tax professional can provide a detailed list of everything you’ll need to complete your return. Most people will need to compile end-of-year statements for all relevant accounts, receipts for their deductible expenses, and records of any estimated taxes they paid. You’ll also need to save the various tax documents you receive…

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  • 4 Common Errors to Avoid When Filing Taxes

    Author: ZP Tax Inc. |

    Filing taxes isn't something many people look forward to every year. Since related laws are continually changing, the process can be complicated. However, you must still make sure your tax preparation is done correctly to avoid penalties. Learn more about some common tax-filing errors below to ensure you don't make them yourself. Errors You Can Make When Filing Your Taxes 1. Using the Wrong Filing Status There are five filing categories to choose from: head of household, single, married and filing jointly, married but filing separately, and qualifying widower or widower with a dependent child. If you choose the wrong filing status, you…

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  • A Brief Guide to Claiming Dependents

    Author: ZP Tax Inc. |

    Claiming a dependent on your taxes can save you thousands of dollars a year. The government provides these tax credits to ensure families can adequately provide for their children or other adults who depend on them for support. Seeking professional tax help is the best way to ensure you get your full benefits, but here’s a guide to the basics. Who Can You Claim as a Dependent? To claim a person as a dependent, they must be related to you or under your legal guardianship. Generally, the individual must also be under 19 years old or a student under 24. Adult children…

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  • 4 Life Changes That May Affect Taxes

    Author: ZP Tax Inc. |

    For many Americans, tax season means getting a refund from the IRS. However, if you’ve experienced some life changes within the past year, they may affect your tax return and the amount of money you get back. Use the following guide to determine what could impact your tax preparation process this year. What Life Changes Impact Tax Preparation? 1. Getting Married Though filing a joint tax return with your spouse often results in bonuses, exemptions, and lower rates, you might encounter a “marriage penalty,” which causes couples to have a higher tax liability. This typically happens to couples who fall on either extreme…

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  • 4 Common Tax Forms

    Author: ZP Tax Inc. |

    tax preparation requires a working knowledge of the forms you need to avoid errors, omissions, late payments, and correlating fees. Here, review some of the most common tax forms, all of which are available at IRS.gov. You can also request these forms by mail or get them at taxpayer assistance centers and community locations, such as libraries, grocery stores, office supply stores, and copy centers. Tax Forms You Need to Know About 1. 1040 Form 1040 is the comprehensive, standard federal form most individuals use to file, as it lists your income, credits, deductions, and taxes. This form is necessary for individuals who…

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  • A Brief Guide to the Tax Filing Extension

    Author: ZP Tax Inc. |

    With COVID-19 spreading globally, businesses temporarily closing, and major metro areas on lockdown, tax preparation is probably the last thing on your mind. Luckily for millions of American taxpayers, the IRS has extended this year’s filing deadline, which gives you more time to get your returns in order and pay your bill. The Tax Filing Extension On March 21, the IRS released new guidance extending the tax filing and payment deadline from April 15 to July 15, 2020. This extension automatically applies to all taxpayers, including trusts and small business owners. No application is necessary, so you don’t have to rush to…

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  • 3 Common Accounting Mistakes Contractors Should Avoid

    Author: ZP Tax Inc. |

    Every contractor needs the skills and equipment to deliver the results their clients expect, but running any successful business also means careful record-keeping and organization. Of course, bookkeeping, paperwork, and business tax preparation aren’t why most contractors go into business in the first place, but even simple mistakes can result in trouble with the IRS or missing out on valuable deductions. Below are a few of the most common accounting mistakes contractors make. A Guide to Accounting Mistakes Contractors Should Watch For 1. Misreporting Revenue of Shared Ventures Shared projects and joint ventures are excellent ways to increase revenue, build partnerships, and get…

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  • 3 Ways to Increase a Tax Refund

    Author: ZP Tax Inc. |

    While tax preparation can sometimes be stressful, your hard work will hopefully be rewarded by a hefty refund. However, if you don't take all the opportunities available, you may be disappointed by the amount awarded to you. To boost your refund further, practice the following steps. How Can You Get More From Your Tax Refund? 1. Make the Most of Deductions Deductions help lower your taxable income, which increases the amount of money you receive in return. Possible deductions include charitable contributions, child care, travel costs related to medical care, interest on student loans, and many other options. When claiming a deduction, make…

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