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Krystle Accounting - Important Reminders for October Extension FilersIf you filed for an extension on your federal income tax return earlier this year, the clock is ticking — your extended deadline is October 15 (or the next business day if it falls on a weekend or holiday). Here are a few key reminders to help you file accurately and avoid unnecessary

Krystle Accounting - Hobby vs. Business IncomeIf you’ve made some income this year from a side activity or passion project, you might be wondering: Is this just a hobby, or has it turned into a business? Understanding the difference is crucial — not just for how you report that income, but for how much tax you may owe. Hobby vs. Business:

Krystle Accounting - Tax Tip: Create an Online AccountWhy You Should Set Up an IRS Online Account Today Good news — setting up an online account with the IRS is easier than ever! With just a few steps and your photo ID, you can gain secure access to your tax information anytime you need it. What You Can Do with an IRS Online Account Once you're set

Krystle Accounting - Choosing the Correct Filing Status for Your Tax ReturnYour filing status is one of the most important boxes on your tax return—it determines your standard deduction, tax bracket, eligibility for credits, even whether you need to file at all The Five Filing Statuses Your marital and personal situation as of December 31 determines your filing status

Krystle Accounting - Get an IP PIN to protect yourself from tax-related identity theftTax-related identity theft is on the rise — but the IRS now offers a simple, proactive tool to help protect you: the Identity Protection PIN (IP PIN). And the best part? Anyone with a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) can enroll. What Is an IP PIN? An

Krystle Accounting - What to do if you receive an IRS balance due notice for taxesReceiving a letter from the IRS is rarely a welcome surprise — especially when it’s a CP14 Notice, which tells you that you owe money for unpaid federal taxes. But before you panic or reach for your checkbook, here’s what you need to know. What Is a CP14 Notice? The CP14 Notice is an official IRS

Krystle Accounting - Know Your Taxpayer Rights: A Guide for Every TaxpayerAs accounting professionals, we spend a lot of time helping clients comply with complex tax rules — but it's just as important to ensure they know their rights when dealing with the IRS. Thanks to the Taxpayer Bill of Rights, every taxpayer has clear, enforceable protections under the law. These

Krystle Accounting - Understanding IRS Penalties and Interest: What You Need to KnowIf you've received a notice from the IRS indicating that you owe penalties and interest, you're not alone. Many taxpayers face this situation, but the good news is that there are steps you can take to address it. Here's a breakdown of why these charges occur and what you can do about them. Why Am

Krystle Accounting - What Is Accounting and Why Does It Matter?If you’re curious about how businesses keep track of their money—or if you just like numbers and structure—accounting might be right up your alley. It’s more than just crunching numbers; accounting is the language of business, helping people make informed financial decisions. Here’s a quick

Krystle Accounting - Smart Money ManagementManaging money wisely isn’t just for financial experts—it’s a skill every person can learn and benefit from. Whether you’re saving for a vacation, planning for retirement, or just trying to make ends meet, building good money habits is a powerful step toward financial security and peace of

Krystle Accounting - Mid-Year Tax CheckupSummer isn't just for vacations—it's also a smart time for a mid-year tax checkup. Taking a little time now can help you avoid a surprise tax bill next year and uncover opportunities to save. Here’s a quick guide to staying on top of your taxes: 1. Get Organized Start by gathering your tax

Krystle Accounting - 5 Simple Tax Tips Every Citizen Should KnowTax season doesn’t have to be stressful. Whether you're filing on your own or working with a professional, understanding the basics can save you time, money, and stress. Here are five straightforward tax tips every average citizen should keep in mind: 1. Know Your Filing Status Your filing status

Krystle Accounting - Maximize Your Savings: The 2025 Solar Investment Tax Credit ExplainedMay 26, 2025 As Arizona continues to lead in solar energy adoption, homeowners have a unique opportunity to reduce energy costs and enhance property value through solar installations. A significant financial incentive available is the Solar Investment Tax Credit (ITC), a federal program that offers

Krystle Accounting - How To Keep Your Personal and Tax Information SafeMay 19, 2025 In today's digital age, safeguarding your personal and tax information is more crucial than ever. Here is some practical advice to help you protect your sensitive data from fraud and identity theft. 1. Be Cautious on Social Media Avoid sharing personal or tax-related information on

Krystle Accounting - Cash Flow Is King: 5 Accounting Tips to Keep Your Small Business Running SmMay 15, 2025 One of the most common reasons small businesses struggle — or even fail — isn’t a lack of sales. It’s poor cash flow management. You might be profitable on paper but still scrambling to pay bills or make payroll if money isn’t flowing at the right time. The good news? With a few smart

Krystle Accounting - Why Post-Tax Season Is the Perfect Time to Clean Up Your BooksMay 5, 2025 With tax season in the rearview mirror, many business owners are breathing a sigh of relief — but now is actually the best time to take a closer look at your bookkeeping practices. Whether tax time revealed gaps in your records or you barely made the filing deadline, improving your

Krystle Accounting - Post tax season planningMay 1, 2025 Tax Season’s Over – Now What? Smart Moves to Make After Filing As the dust settles after another busy tax season, many taxpayers breathe a sigh of relief and shift their focus away from finances. But the end of tax season isn’t the end of smart tax planning—it’s actually the perfect

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