Month: April 2024

What are Some Factors that Will Affect the Size of Your Tax Refund?

Written by Paul Belfiore on April 26, 2024. Posted in Blog, Taxes.

Brookline, NH Resident Looks for Answers to This Question

There are many factors that can affect the size of your tax refund from year to year. These include life events, such as your marital status, the number of children you have, and significant life changes that may qualify you for tax credits. Your filing status, whether filing jointly, single, or as head of household can also impact the size of your tax return. Whether you take the standard deduction or itemized deductions can also impact the amount of money you receive back from the IRS. Of course, your income and the amount of taxes that you have paid throughout the year will be a big factor.

What Happens If You Don’t File Your Taxes on Time?

Written by Paul Belfiore on April 12, 2024. Posted in Blog, Taxes.

Milford, NH Resident Starts to Panic

If you miss the tax deadline and owe money on your taxes, you will likely incur a penalty up to 5% of the amount of taxes you owe for each month that it is late. This penalty will accrue on top of the tax payment that you already owe the IRS. If this extends beyond sixty days, the minimum penalty is $100 or 100% of the tax due, whichever is less. If you file for an extension this must be done prior to the tax deadline. The extension will give you until October 15, 2024 to file your 2023 taxes. Filing the tax extension in time and subsequently filing your taxes before the October deadline will wipe out the incurred penalties.