Answer: Meet with your Tax Professional to begin preparing your tax returns as soon as possible. Waiting longer will accumulate interest and penalties on balances due. Also, where you in a combat Zone or federally declared disaster area? If so, you might be eligible for certain exceptions to the filing due dates if you have not passed those deadlines already
Answer: For 2020 tax return, you have 2023 processing year to file the return electronically. For 2021 tax return, you have 2023 and 2024 processing years to file the returns electronically.
Answer: You can discuss your situation with you Tax preparer. Responding to notices before the due date on the notice can prevent or reduce penalties and interest on the balance due
Answer: The IRS gives you the option to send a payment with your tax return when you file it. You can attach a check payment with your mailed in tax return or authorize a bank account debit with your electronically filed tax return. You also have the option to request an instalment agreement with the IRS where you make payments over an agreed period.
Answer: You can file electronically with tax filing software to amend tax year 2020 or later Forms 1040 and 1040-SR, and tax year 2021 or later Forms 1040-NR. If amending a prior year return originally filed on paper, then the amended return must also be filed on paper. See for more information. You still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form. Per IR
Answer: We offer a Refund Transfer Program through Refund Advantage (Pathward). Refund Advantage charges a processing fee to receive this benefit. NOTE: This does not speed up the tax refund process because it must go through the IRS processing time frames and e-File
Answer: Yes, if you qualify. Let your Tax prepare know that you are interested so they let you know if you meet the preliminary criteria. You can apply to participate in the Refund Advance Loan Program. The approval is subject to your application being reviewed by Refund Advantage.
Answer: If you qualify for any of these credits, you may claim the credit(s) on Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or Form 1040-NR, U.S. Nonresident Alien Income Tax Return.
Complete Schedule 8812 (Form 1040), Credits for Qualifying Children and Other Dependents. The Instructions for Schedule 8812 explain the qualifications for CTC, ACTC, and ODC; the requirements for taxpayer identification numbers (TINs); and how to calculate the credits.
To claim the child and dependent care credit, you must also complete and attach Form 2441, Child and Dependent Care Expenses. The Instructions for Form 2441 explain the qualifications for the child and dependent care credit and how to calculate it.
Attach the appropriate form or schedule to your Form 1040, Form 1040-SR, or Form 1040-NR.
Answer: If you qualify for any of these credits, you may claim the credit(s) on Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or Form 1040-NR, U.S. Nonresident Alien Income Tax Return.
Complete Schedule 8812 (Form 1040), Credits for Qualifying Children and Other Dependents. The Instructions for Schedule 8812 explain the qualifications for CTC, ACTC, and ODC; the requirements for taxpayer identification numbers (TINs); and how to calculate the credits.
To claim the child and dependent care credit, you must also complete and attach Form 2441, Child and Dependent Care Expenses. The Instructions for Form 2441 explain the qualifications for the child and dependent care credit and how to calculate it.
Attach the appropriate form or schedule to your Form 1040, Form 1040-SR, or Form 1040-NR.
Answer: Yes, Kanaela LLC can help prepare and file your application for Business Formation with the Secretary of State.
Answer: Some business structures do not require that you have a business account however, for proper accounting and the purpose of avoiding confusion with your revenue and income it is advised that you maintain a business bank account that is separate from your personal bank account.
Answer: We here at Kanaela can provide these services to you. We can set you up in an accounting system that is suitable to your type of business and make it easier for you to manage or we can provide bookkeeping and accounts maintenance services to your business so you can focus on your business operation and growth.
Answer: Yes, our team here at Kanaela can provide you with Account Maintenance services which includes accounts receivable services. We will send out timely reminders and notify you of matters needing your attention.
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