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What Happens if I File My Taxes Incorrectly?

What Happens if I File My Taxes Incorrectly?

It's the start of the 2021 tax season, and you can't wait to get started. Gather your documents for the 2020 tax year and complete federal and state taxes before the filing...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 04/08/2021

Jacksonville FL Tax Pro for Correctly Filing Tax Preparer for Filing Correctly Tax Filing Incorrectly Tax Return Error Audit Fines Fees 1099 W2 Form 1040-X Refund Income Deductions Organize
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Self-Employment Taxes: What it Entails

Self-Employment Taxes: What it Entails

There is no known trick or formula developed to dodge payment of taxes to Uncle Sam, and if you want to avoid the headache of an audit, you have to get it right. Employees enjoy the...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/31/2021

Jacksonville FL Tax Pro for Self-Employed Tax Preparer for Self-Employment Higher Income W2 Tax Obligations Net Loss Schedule C Form 1040 Medicare Social Security Quarterly Payments Form 1040-ES Estimate
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The Biden Administration May Affect Changes in Inheritance Tax & Stepped-Up Basis Rules.

The Biden Administration May Affect Changes in Inheritance Tax & Stepped-Up Basis Rules.

If you're inheriting a relative's home, President Biden's plans to eliminate the stepped-up basis tax rule should be of concern to you. You may have seen bits of news on...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/27/2021

Jacksonville FL Tax Pro for Inheritance Tax Tax Preparer for Inheritance Basis Tax Rule Tax Codes Estate Tax. IRS Property Deceased Relatives House Capital Gains Mortgage Siblings Renovations
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Understanding Royalty Income and How it is Taxed

Understanding Royalty Income and How it is Taxed

Anyone with a creation like art, music, literature, etc., which someone else used and profit from it, there will be royalty income to the owner. This means that if anyone uses your...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/18/2021

Jacksonville FL Tax Pro for Royalty Income Tax Preparer for Royalties Artis Musician Literature Royalty Form 1040 Schedule C Losses Profit 1099-MISC Schedule E
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How To Claim The Standard Mileage Deduction for Business Use of Vehicle

How To Claim The Standard Mileage Deduction for Business Use of Vehicle

Deducting standard mileage when using your car for business purposes can result in huge tax savings. Here is what the IRS 2021 mileage rate is and the IRS rules for making this deduction.If...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/09/2021

Jacksonville FL Tax Pro for Business Use of Vehicle Tax Preparer for Standard Mileage deduction IRS Mileage Rate Section 179 Vehicle Expenses Records
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Who Should Apply for the IRS Voluntary Disclosure Program?

Who Should Apply for the IRS Voluntary Disclosure Program?

Following the highly successful offshore voluntary disclosure program's closure at the end of 2018, the IRS updated its previous voluntary disclosure program. In April 2020, it...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/01/2021

Jacksonville FL Tax Pro for IRS Voluntary Disclosure Tax Preparer for Voluntary Disclosure Program IRS Form 14457 FBAR Section 6103 IRC
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Armed Forces Tax Filing Tips and Dates: Military Personnel, Veterans & Their Families & Navy Voluntary Income Tax Aid

Armed Forces Tax Filing Tips and Dates: Military Personnel, Veterans & Their Families & Navy Voluntary Income Tax Aid

Tax benefits are available for military personnel and their families. However, these tax benefits are often overlooked. For example, any monthly military payment earned during a combat...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/23/2021

Jacksonville FL tax Pro for Military Tax Preparer for Military Tax Benefits IRS Publication 3 The Armed Forces Tax Guide EITC ACTC PATH Act MilTax Navy VITA RTC TAC Military OneSource 1099 W-2 IRS 525
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Dependents and Taxes

Dependents and Taxes

For tax purposes, a dependent is any other qualifying person asides from the taxpayer or their partner that makes the taxpayer eligible to claim an exemption due to dependency on their...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/17/2021

Jacksonville FL Tax Pro for Dependents tax Preparer for Dependent Qualifying Child Qualifying Relative
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IRS Payment Options: Debit, Credit & Several Other Ways to Pay Taxes

IRS Payment Options: Debit, Credit & Several Other Ways to Pay Taxes

In the past, writing a check was the only way to make a payment to the IRS. Now, however, there are many options. Find out how the current options for making an IRS payment work, how...

Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/10/2021

Jacksonville FL Tax Pro for Paying the IRS Tax Preparer for IRS Payments Debit Credit Direct Pay ACH EFTPS PIN Wire Transfer Cashiers Check Money Order Check IRS2GO Installments
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