Recently Married? Is it Better to File Jointly or Separately?

Peter Alizio Income Tax

Income Tax Return – MFJ vs MFS  This is a question every tax professional will get asked 5+ times a week during tax season.  I just got off the phone with my recently married friend (the wedding was nice) who inquired if it would be beneficial to file jointly or separately.  I have been getting asked this question over and …

How to File a Tax Return Extension

Peter Alizio Income Tax

It is important for taxpayers to understand that a tax return extension is an extension of time to file your income tax return and not an extension of time to pay the tax.  Extensions are generally needed when information necessary to file a complete and accurate tax return is not available until after the filing deadline. This is an all …



Peter Alizio Income Tax

IT IS NOW TIME TO START PREPARING IRS FORM 1099-MISC NOTE: 2017 FORM 1099-MISC, reporting nonemployee compensation (box 7) is required to be filed on or before January 31, 2018. The IRS penalty for failing to file 1099(s) is now $250 for each incident. In addition, the following tax returns: 1065 (partnership return), 1120 (corporate return), 1120S (s-corporation return), 1040 …

Self Employed – Estimated Tax Payments

Peter Alizio Income Tax

Congrats on being self-employed and making money (and paying taxes). When you are self-employed taxes are no longer being withheld from your paycheck. You are now solely responsible for your “withholding” situation! You have two options (1) do absolutely nothing (2) pay in quarterly estimated tax payments. (1) If you do nothing you will have to pay all your taxes …

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Income Taxes & Lawsuits

Peter Alizio Income Tax

I. Will a Lawsuit Award or Settlement be subject to Income Tax? The Internal Revenue Code defines gross income as income from whatever source derived unless specifically excluded by another code section. Personal Injury Awards are specifically excluded from gross income (see IRC §104: Compensation for Injuries or Sickness).  Therefore, if you received money as a result of incurring a physical …