Tax Tips from Tax Services of Tennessee

 If you received an extension for your 2025 individual federal income-tax return, October 15, 2026, is generally your deadline to file. An extension gives you additional time to submit your return, but it does not provide additional time to pay your taxes. Any federal tax owed was generally due by April 15, 2026, and penalties and interest may continue to accumulate on an unpaid balance. Do not wait until the final days to gather your documents. Make sure you have your Forms W-2 and 1099, business income and expenses, rental-property records, investment statements, estimated tax payments, and information supporting your deductions and credits. Self-employed individuals and business owners should also confirm that their bookkeeping is complete and that loans, transfers, and personal deposits have not been incorrectly reported as business income. Even if you cannot pay the entire balance, you should still file your return by the extension deadline. Filing on time may help you avoid a...

Self-Employed in Tennessee? 7 Tax Mistakes That Can Cost You Thousands Running your own business gives you freedom, but it also means you are responsible for keeping up with taxes throughout the year. At Tax Services of Tennessee , we often work with self-employed individuals and small-business owners who are surprised by how much they owe at tax time. In many cases, the problem isn't that the business owner did something terrible. It's that nobody explained what they should have been doing during the year. Here are seven common tax mistakes self-employed taxpayers should watch for. 1. Treating Every Bank Deposit as Business Income If you deposit money into your business account, that doesn't automatically mean it is taxable sales. Your bank account may contain: Customer payments Transfers between your own accounts Loan proceeds Refunds Personal money contributed to the business Good bookkeeping means identifying what the deposits actually represent rather than simply addin...

  If you're asking yourself, "Why do I owe taxes this year?" , you're not alone. It's one of the most common questions taxpayers ask every tax season. There are several reasons why you may owe taxes, even if you received a refund in previous years. Some of the most common reasons include: Not enough federal or state taxes were withheld from your paycheck. You earned self-employment or 1099 income and no taxes were withheld. You had investment income, retirement distributions, or other taxable income. Your income increased during the year. Tax credits or deductions you qualified for in prior years changed. You didn't make enough estimated tax payments. Every taxpayer's situation is different. Whether you received a W-2, 1099, retirement income, or own a business, understanding why you owe taxes is the first step toward reducing your tax bill in the future. Working with a tax professional can help you avoid surprises and create a tax plan that fits your fina...