Christensen Essig LLC

If you can’t finish your return on time, make sure you file Form 4868 by April 18, 2022. Form 4868 gives you an extension of the filing deadline until October 17, 2022. On the form, you need to make a reasonable estimate of your tax liability for 2021 and pay any balance due with your request. Requesting an extension on time is especially important if you end up owing tax to the IRS.

If you file and pay late, the IRS can slap you with a late-filing penalty of 4.5% per month of the tax owed and a late-payment penalty of 0.5% a month of the tax due.
The maximum late filing penalty is 22.5%, and the late-payment penalty tops out at 25%.
By filing Form 4868, you stop the clock running on the costly late-filing penalty.

Every year, among the most challenging financial activities you must complete is filing a tax return. It can also be frustrating and challenging due to the complicated codes, the opportunity for interpretation, and different rules for different scenarios. Why not allow an accountant to handle everything for you rather than attempting to file your tax return yourself? Bring in the documents we discussed and anything else you believe is relevant.

New year means taxes are starting soon! We can help you get the most out of your taxes and make it easy on you!

It's essential that you send over documentation that proves your spending if you want to collect your deductions and credits. Receipts, invoices, medical bills, charitable donations, IRA contributions, job-search expenditures, mileage records, school expenses, self-employment expenses, and more are all examples of this. Bringing too much paperwork is preferable to getting too little.

With tax season coming up, we can help you get the biggest return possible!!

When it comes to real estate holdings, there are a plethora of various deductions available. Any documentation related to a recent house purchase, proof of paid mortgage or home equity loan interest, and proof of paid real estate and personal property taxes should be brought to your accountant.

Utah in the winter is truly incredible! We love living here!

Have you made any extra money this year? This additional income could include investment income such as interest and dividends and unemployment and social security benefits. If these sources of income are applicable, you should receive statements for each. These will also need to be brought in.

Merry Christmas from all of us here at Christensen Essig!

If you work for a company, your employer will send you a Form W-2 wage and tax statement. If you haven't received this document by January 31, check with your employer to make sure there were no discrepancies. Non-employees, such as freelancers and independent contractors, should get a Form 1099-MISC from each customer they worked with throughout the year. In this instance, you should present this paperwork to your accountant.

Accounting can be difficult. Let us take the guess work out of it and save you all the headaches

While you may not be eligible for the same tax deductions or write-offs as last year, giving your accountant a copy of the prior year's return allows them to quickly access information and compute certain deductions without having to call you again. If you're meeting with a new accountant, this can be an excellent time to talk about any differences between past tax returns and what your best course of action should be.