• How to File Taxes as an International Business

    Owning a business can be both difficult and rewarding; however, holding an international company can pose challenges unique to the entrepreneurial industry. When it comes to tax season, gathering all of your documents, receipts, and crunching numbers can take up hours of your time; that's why our accountants at JLW Tax & Bookkeeping Services in Springfield, IL, are here to help you learn how to file your taxes as an international business owner. Keep reading below to learn how to report your earnings, take advantage of your deductions, and more! Report Your Earnings Like any other [...]

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    How Do I Know If I Owe a Tax Penalty?

    In the U.S., we have a pay-as-you-go tax system, meaning that anything you buy or earn is taxed throughout the year, avoiding having to pay a large lump sum during tax season. However, if you have not paid enough taxes at the end of the tax season, you may get a penalty for underpayment from the IRS. But don’t panic – this happens more frequently than you might think, and our JLW Tax & Bookkeeping Services accountants are here to help! Keep reading below to learn more about tax penalties, if you have one, and what will happen after you’ve received a penalty letter. What Does It [...]

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    How Do I Fix My Incorrect Tax Return?

    Filing your taxes is stressful enough as is, especially if you are doing them on your own or through a somewhat trustworthy tax website. However, if you notice a mistake after you’ve submitted it, try not to panic; there is a way to amend your honest errors! With help from local accountants like ours at JLW Tax & Bookkeeping Services in Springfield, IL, we can help amend your tax return in a few simple steps. Keep reading below to learn more about how to amend your state or federal tax returns. Complete the 1040-X Form The 1040X form is the first document you will need to obtain and [...]

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    What is a Work Opportunity Tax Credit?

    Have you been trying for months to get a steady job? In today’s job market, it can be difficult, even with the proper experience, to find a well-paying and self-sustaining job. Thankfully a federal tax credit, otherwise known as the WTOC or Work Opportunity Tax Credit can help. Our accountants at JLW Tax & Bookkeeping Services in Springfield, IL are here to support you during tough financial times; keep reading below to learn more about the Work Opportunity Tax Credit and whether or not you are eligible. What is the Work Opportunity Tax Credit? The Work Opportunity Tax Credit is a [...]

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    I am Self-Employed, How Do I File Taxes This Year?

    Being self-employed has a variety of benefits that every working person today dreams of. However, taxes aren’t something you can get out of! If you’re recently self-employed whether it’s freelancing work or starting your own business from home, there’s a lot to know about how to file your taxes this year. Thankfully, our accountants at JLW Tax & Bookkeeping Services in Springfield, IL are here to offer an expert hand in the filing process. Keep reading to learn more about how to file taxes this year as a self-employed individual! Determine if You Need to Pay Taxes You may be [...]

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    What Kind of Tax Forms Do I Need As a New Business Owner?

    Filing taxes as a new business owner is a little different than filing when working for another company. Thankfully, our accountants at JLW Tax & Bookkeeping Services in Springfield, IL are here to help you every step of the way. It’s important to stay informed on the types of information and forms you will need to complete your upcoming taxes, so keep reading to see which taxes you will need depending on the type of business you are in! Don’t forget to reach out to our accountants before tax season begins to avoid strict federal deadlines. Sole Proprietorship & LLC Businesses [...]

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    What Kinds of Tax Credit Can I Receive as a Parent?

    Whether you are a new parent or have been a parent for years now, it’s no secret that childcare expenses are well, expensive! Thankfully, JLW Tax & Bookkeeping has found a way to get you the tax credit you deserve to help with those costs. Keep reading our blog to discover 4 tax credits you are potentially eligible for and can claim on your upcoming tax return. Our accountants are here to help Springfield, IL residents get the refunds they deserve as hard-working parents. Child Tax Credit The Child Tax Credit (CTC) is one of the most common for parents that are needing financial [...]

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    What is the Process of Getting My Tax Transcript?

    Are you getting a new job and need to know what you claimed on last year’s taxes? Did you want a copy of the last 5 years of tax returns to keep on hand? Then you’ll need to put in a request for getting your tax transcript! If you’re unsure of how to get the process started, JLW Tax & Bookkeeping Services in Springfield, IL has years of experience working with clients to keep them updated and knowledgeable about their taxes all year round. Keep reading below to learn more about the process of getting your tax transcript, and what steps you need to take! What is an IRS Tax [...]

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    How to Prepare for Filing Your 2021 Taxes

    Tax time can be both exciting and frustrating. While on one hand, you can’t wait to get your refund, there also comes a heap of unease in making sure you have everything to get your taxes filed right the first time. Thankfully, our tax experts at JLW Tax & Bookkeeping Services in Springfield, IL are here to help you prepare for filing your 2021 taxes. We’ve put together a short guide on what to prepare for to make your tax season as smooth as possible. Schedule With a Tax Professional While it may be tempting to learn how to use computer-generated tax filing systems that are in [...]

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    What is a 1040-X Form & When Do I Need It?

    Did you make a mistake on your 1040 tax return? Don’t worry – the IRS allows you to amend your tax returns with three years of the initial filing date! At JLW Tax & Bookkeeping Services in Springfield, IL we help clients amend their tax returns by filing a 1040-X form. Whether it’s a common mistake or you left out an entire section, our accountants are here to help you accurately and honestly file your taxes. Keep reading below to learn more about the 1040-X form and when you need it. Who Can File a 1040-X Form? A 1040-X form can be filed by any taxpayer that has already filed a [...]

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