Tax season is coming to a close in the US. With the April 15th deadline right around the corner, Geltrude & Company founder Dan Geltrude joins Yahoo Finance ...
Tax season is coming to a close in the US. With the April 15th deadline right around the corner, Geltrude & Company founder Dan Geltrude joins Yahoo Finance Live to discuss last-minute filing tips.
Geltrude highlights three common mistakes for tax filers: inputting the wrong social security number, wrong filing status, and incomplete information such as missing 1099s. He warns that missing any of these three items can"bring attention to your tax return" from the IRS. For those who know they will owe taxes, Geltrude recommends not avoiding filing. Instead, he suggests that you file and pay what you can with the aim of"reducing the penalties for not filing." He notes there are two ways individuals can work to pay their bills: a payment plan or an offer in compromise.
Regarding individuals with 1099s due to gig work, Geltrude recommends filing this 1099 income on Schedule C. He explains that this allows individuals to report this as a business expense and have deductions for anything they use to generate that income.TORONTO — Royal Bank of Canada has reinforced its status as Canada’s biggest companyafter successfully navigating its takeover of HSBC Canada, making it an even bigger target for critics.
Bitcoin has failed to consolidate near its record high notched last month. The release of the U.S. jobs report could be a key catalyst.SAN FRANCISCO — Disney shareholders have rallied behind longtime CEO Robert Iger, voting Wednesday to rebuff activist investor Nelson Peltz and his ally, former Disney Chief Financial Officer Jay Rasulo, who had sought seats on the company’s board. The company had recommended a slate of directors that did not include Peltz or Rasulo.
Filing Status Incomplete Information
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